![Tenreyro 29 June 2023](https://images.forexlive.com/images/Tenreyro%2029%20June%202023_id_3bf80f3a-6b78-4f85-ae91-5f3a625fb68f_original.jpg)
- We have seen very little pass through so far of UK policy tightening
- The more the BOE raises rates now, the sooner and faster the BOE will later need to cut rates
- It's hard to see a break in the relationship between CPI and PPI
That last point is one that many market participants like to make.