Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
BOJ Governor Signals Gradual Rate Hikes as Japan’s Inflation Nears 2% Target 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
China Keeps Benchmark Lending Rates Steady as Economic Outlook Remains Cautious 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Federal Reserve Begins Treasury Bill Purchases to Stabilize Reserves and Money Markets 
Despite continued strong jobs gains seen in UK, wage data have softened. And along with downward growth revisions and Brexit uncertainties, we now see plenty of reasons to support BoE's wait and see for longer approach.
BoE is largely expected to stay pat at at Thursday's meeting and is unlikely to signal that a change is imminent. If anything, the minutes of the meeting could veer further into dovish territory. Recent oil price falls along with weakening the inflation outlook, give them plenty of room to wait.
"We recently pushed back our BoE rate hike call to November 2016 from May 2016. To our minds, the only big question is whether the MPC vote 8-1 or 9-0 to keep rates on hold. We look for Ian McCafferty, the sole hawk at present, to drop his vote for a hike at one of the next couple of meetings," Notes BoFA Merrill Lynch in a report to clients.
