Bank of England Lifts Bank Rate to 5.5% BOE UK forexnews
Get DailyForex analysis to your emailThe Bank of England was widely expected to deliver a 14consecutive rate hike at today's meeting. Still, the money markets were split on the extent of the increase.
The MPC struck a hawkish tone in its monetary policy summary, stating that the MPC would “ensure that Bank Rate is sufficiently restrictive for sufficiently long to return inflation to the 2% target.” Inflation is heading in the right direction, but the decline has been slow - inflation dropped to 7.9% in June, down from 8.7%.
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