Barclays expects the Bank of England (BoE, U.K. central bank) to raise interest rates by 25 basis points in November after keeping them unchanged at 3.75% on Thursday. The bank cited a "dramatically changed" medium-term energy outlook and said a prolonged Middle East conflict could require further tightening. Barclays strategists led by Jack Meaning also see scope for another quarter-point increase in February 2027 if the conflict continues. J.P. Morgan likewise expects BoE hikes in November 2026 and February 2027, reversing its previous forecast of one November hike followed by two rate cuts in 2027. BoE minutes adopted a more hawkish tone and indicated the central bank could join European and U.S. policymakers in raising borrowing costs, while inflation could exceed 4% early next year. Markets price a 63% chance of a November hike and expect another increase in December, according to LSEG data. Goldman Sachs also sees a November hike, while Morgan Stanley expects rates to remain unchanged for an extended period unless commodity-price pressures persist.