U.K. rate expectations are being revised down further. The lastest Reuters snap poll, following yesterday's BoE 100 bp rate cut, shows that a majority of survey respondents now look for the repo rate to bottom at 1.00% next year, from 1.25% in the previous and the market median is for a 50 bp rate cut next month, to 1.50%. Indeed, yesterday the central bank noted that there is a substantial risk for CPI to undershoot the 2% target in the medium-term, indicating that further rate reductions are needed.