by winston » Fri Jun 23, 2023 8:57 am
BOE raised rates by 50 bps
The Bank of England raised interest rates by a bigger-than-expected half a percentage point on Thursday (Jun 22) after it said there had been “significant” news suggesting British inflation would take longer to fall.
The BOE’s Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5 per cent from 4.5 per cent, its highest since 2008 and its largest rate increase since February, following stickier inflation and wage growth since its policymakers met last in May.
“Second-round effects in domestic price and wage developments generated by external cost shocks are likely to take longer to unwind than they did to emerge,” the MPC said.
Official figures on Wednesday showed consumer price inflation was unchanged at 8.7 per cent in May and underlying inflation rose to its highest since 1992.
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"