A Hopeless, Hapless BoE Hikes Rates Again As Downturn Looms

The Bank of England hiked rates for a fifth consecutive meeting on Thursday, in line with market expectations. The 25bps move was quickly derided by some as underwhelming given the scope of the UK's inflation problem, but the UK has a growth problem too. The UK has a lot of problems right now actually, and the BoE is trying to solve one without exacerbating the others. The vote was 6-3, with dissenters favoring (obviously) a 50bps move, which is probably coming in August. Terminal rate pricing

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