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Menaced By Intractable Inflation, Bank Of England Escalates
On the heels of another disastrous inflation report, the Bank of England reescalated its hiking campaign.
A 13th consecutive increase on Thursday was a foregone conclusion, it was just a matter of whether policymakers would view the unequivocally poor inflation readings as a sign that a more forceful response was warranted. The answer, as it turns out, was "Yes."
Thursday's 50bps move followed a two-meeting step-down to quarter-point increments. Bank rate is now 5%.
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A disaster, indeed. Haven’t heard much from Farage, Cameron, May, or Johnson lately. And let’s not forget Trump was all in on Brexit.