First BOE rate cut now priced in for May next year

The odds for that were ~65% before the UK CPI data earlier

And now markets have even moved to price in a ~50% probability for a rate cut in March 2024 as well. By June, there is a total of 55 bps worth of rate cuts now priced in by the OIS market. As for the entirety of next year, there is a total of ~137 bps worth of rate cuts priced in and that is a step up from the ~117 bps total before the UK CPI data.