The U.K. is the outlier in Europe, the FTSE 100 sliding 1.5% after the BOE upgrades its employment outlook, suggesting a rate hike maybe as soon as 2015. A broad European gauge, the Stoxx 50 (FEZ) fell just 0.5%.
The pound (FXB) is ahead by 0.8% to $1.6026, and getting near the point where the U.K. economy has screamed "uncle" several times over the past 4 years. Was it just 4 months ago when sterling could have been purchased for $1.48 as traders expected Mark Carney to initiate a new easing campaign after taking the reins at the Bank of England? Those expecting Janet Yellen to out-dove Ben Bernanke might well pay heed.