Traders assign an 87% implied probability to no change in the Bank of England’s policy rate at the June meeting, with a 13% chance of a 25-basis-point hike and negligible odds for any cut or larger move. This consensus stems from the latest CPI release showing persistent but non-accelerating services inflation alongside softening labor-market indicators that have tempered expectations for near-term tightening. Recent Monetary Policy Committee minutes underscore a data-dependent stance, with officials highlighting that wage growth remains above target yet broader economic activity has moderated since the prior decision. Market pricing now centers on the upcoming May inflation print and any fresh guidance ahead of the June vote, consistent with historical patterns where the BoE has adjusted rates only after clear, sustained shifts in official data rather than on preliminary signals.