[Bank of England Rate Cut Expectations Deepen, Terminal Rate May Drop to 3.25%] Following weak UK employment data, the market has lowered its expectations for the terminal rate of the Bank of England's current rate-cutting cycle from 3.5% to 3.25%. ING analyst Michiel Tukker stated that higher unemployment and weaker wage growth suggest there may be more room for rate cuts than previously anticipated. The budget announcement on November 26 may influence market expectations for rate cuts, but fiscal prudence measures could provide more room for additional cuts. According to LSEG data, the probability of a Bank of England rate cut in December has risen from 57% on Monday to 75%.