After the US CPI data was released, UK interest rate futures were fully priced. The Bank of England cut interest rates by 25 basis points twice in November, slightly higher than the 47 basis point cut before the data was released.
The Bank of England will cut interest rates for the first time in September, a total of 49 basis points as of December 19.
The UK interest rate swap shows that the market is fully priced in. The Bank of England will cut interest rates for the first time by 25 basis points in August, which was expected on Friday for September.