Bank of England Monetary Policy Committee member Catherine Mann said on Tuesday that it was premature to talk about the timing of potential BoE rate hikes, much less how much. If Omicron puts us back into lockdown, Mann continued, some of the underpinnings in the moderation of goods price pressure may fade. 

Market Reaction

Pound sterling has not seen a notable reaction to BoE's Mann's remarks. The implied yield on the December 2021 three-month sterling LIBOR future remained steady at around 0.16%, implying only a few bps of hikes are expected next month, suggesting a low probability of a BoE rate hike.