BoE Hikes 14th Time. Says Inflation Will Be 2% In 2025

The Bank of England opted for a 25bps hike at the August policy meeting. Context is key. At nearly 8%, price growth is still almost quadruple target. Indeed, the UK now stands as something of an outlier among advanced economies, and developments on the wage front suggest progress could remain frustratingly slow, at least with regard to services inflation. However, CPI rose "just" 7.9% in June, down sharply from the prior month's annual pace and the largest downside miss to consensus in two yea