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%. The vote was 7-2. You d