• GBP$ extends slide after Fed exp'd 25bp hike, -0.47% at 1.3413, NY range 1.3473-1.3413

• Fed hikes 25bp as expected to try and tame persistent inflation; oil remains above $100/bbl

• 12 of 18 Fed members see 1-more 25bp hike in 2026, 4 see 2 hikes, 2 see no hikes

• Other DM economies on hawkish tack, BoE exp'd on hold Thursday, BoJ seen hiking Friday

• Despite near-term Fed-BoE divergence, rates to be back in sync by YE 2026 & in 2027

• BoE up next, STIR futures indicate a hold in Sept, 80% odds for a 25bp hike in early-Nov

• UK 10-yr gilt yield off 5.44% high, currently 5.3%, still elevated ahead of Oct autumn budget

• GBP$ supt 1.3413 post-hike low, 1.3407 50% Fib of 1.3140-1.3675, 1.3334 Jul 30 low

• Res 1.3443 daily cloud top (fmr supt), 1.3455 the 200-DMA, 1.3511 falling 10-DMA

GBP Chart:

(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)