Policy Divergence Extends

The most likely path is that markets keep emphasizing the gap between a hawkish Bank of England and a more dovish European Central Bank. Stronger U.K. growth data and persistent inflation keep rate-rise expectations alive, while weak euro-area activity leaves the ECB biased toward easier policy.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.