(Bloomberg) -- Traders brought forward wagers on a Bank of England rate hike to 0.25% after officials said developments since its August meeting appear to have strengthened the case for modest tightening.

Money markets now see at 15-basis-point increase in March 2022, having priced it for May before Thursday’s meeting. They still see a further quarter-of-a-percentage-point rise to 0.5% in November 2022. Two BOE officials dissented to vote for a reduction in bond purchases.

While the central bank traditionally shifts its key interest rate by multiples of 25 basis points, it last cut rates by 15 basis points in March 2020, at the height of the coronavirus pandemic. If officials wanted to raise rates, a move back to 0.25% is seen by strategists as the likely first step.

©2021 Bloomberg L.P.