BREAKING 🇬🇧 The Bank of England just raised interest rates for the first time since August 2023Bank Rate goes from 3.7…
BREAKING 🇬🇧 The Bank of England just raised interest rates for the first time since August 2023
Bank Rate goes from 3.75% to 4.00%The vote was 8 to 1, and the one dissenter, Catherine Mann, wanted a bigger half point hike to 4.25%UK inflation is already at 3.5% and the BoE now expects it to hit about 5% by mid 2027 as the Iran war keeps energy prices highGovernor Andrew Bailey says this "shouldn't be seen as the first in an inevitably long sequence of hikes," but unless the Middle East conflict is resolved it doesn't look like the last one eitherThis lands the same morning US jobless claims fell to 189K, the fewest since mid JulyA major central bank going from cutting to hiking in under a year is the energy shock showing up in policy, and it makes it a lot harder for anyone to argue rate cuts are coming back soon $EWU $TLT $SPYSource: StockMarket.News
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