According to Jinshi, strategists and fund managers at Jupiter Asset Management, Pictet Asset Management and Candriam said that the market still underestimates the possibility that the Bank of England will cut interest rates faster and more significantly than other major central banks. Although the probability of the Bank of England cutting interest rates at its May meeting is about one in five, market pricing still indicates that the UK's actions will lag behind the ECB. "The Bank of England may be the first central bank to cut interest rates," said Luca Paolini, chief strategist at Pictet AM. He expects British government bonds to outperform other government bonds. "Given that we are still largely in recession, the UK may need to cut interest rates more than other places, even more than Europe."