There is a growing view amongst City Economists that the outcome of the data that has been published recently is that not only will the Bank of England's Monetary Policy Committee pause its cycle of interest rates hikes at its next meeting, but it will “bring the curtain down” on the entire programme.There is clear evidence that rates have reached the point where they are restricting demand and activity, and with Governor Andrew Bailey announcing that he believes that there will be a “substantial” fall in the headline rate of inflation when data for this month is published, the “writing is on the wall”.The reduction of the Bank's stock of Government Bond Purchases by £100 billion pounds over the next twelve months that was agreed at the September meeting will continue to have the effect of tightening monetary policy.Although the rate of inflation didn’t fall as much as was expected in September, Bailey is confident that it will be made up for this month. Furthermore, there are indications that the employment market is becoming “easier”, which is a significant indicator of the effect of interest rate rises.The revised fall in the claimant count in August was more than made up for by an increase of almost 21k in new claimants in September. This has the double effect of lowering tax receipts for the Treasury while at the same time increasing the amount that is paid out in benefits.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.