Are we going to see any signs of a May rate hike?

It would be a major shock if the BOE hikes rates in today's meeting, so the focus will entirely shift towards the May meeting once the decision is made.

The two key things to look out for is guidance/language and the votes. That's all you need to know.

In terms of guidance, will the BOE provide any hints or hawkish signals to prime the market for a rate hike? That will be the question. The market is somewhat expecting it considering the "progress" we've seen in Brexit transitional talks this week - and with the improved labour market and inflation reports over the last two days. But the BOE doesn't have too much room to play around on this front, so the clearer signal will be votes.

On that note, we'll have to see whether or not we get any form of dissent from the voting that is to come on the bank rate. Anything other than a 9-0 vote (8-1 or 7-2) would do well in saying that a May rate hike is very much on the cards.

Money market pricing has a rate hike in May sitting at close to 90% - pretty much a shoe-in at this point. A BOE signal today would all but cement those expectations.