Traders are betting on the Bank of England raising interest rates only once this year due to the impact of falling oil prices and falling inflation expectations. The money market is currently betting that the Bank of England will raise interest rates by a cumulative 36 basis points by the end of the year - the lowest expected level in over a month. According to the swap contract linked to the policy meeting date, this expectation is equivalent to a 25 basis point interest rate hike, and the probability of another hike is less than 50%. Due to Britain's high dependence on imported energy, its economy is highly susceptible to the impact of war; Therefore, traders expect that if the conflict can be quickly resolved, it will help further alleviate the pressure faced by the economy. Just two weeks ago, the market widely expected the Bank of England to raise interest rates twice this year; In the weeks following the attacks on Iran by the United States and Israel, market expectations were even as high as four interest rate hikes. At present, traders believe that the probability of the first interest rate hike occurring in July is about 50%. Last week, Bank of England Governor Bailey stated that there has been no "de anchoring" of inflation expectations in the UK; Previously released data showed that the price growth rate in the UK in April had slowed down to its lowest level in over a year.