BOE’s Bailey Speaking in a Bloomberg interview after BOE raised rates
We are approaching the point when we should be able to let level of rates rest
We have not yet seen evidence that allows us to be sure rates can stay on hold
Hike marks the 12th consecutive increase
Bank Rate at highest level since 2008
Bailey said BoE will “stay the course” on inflation
Growth forecast received biggest upgrade since 1997
BoE no longer predicts a recession
Inflation expected to fall more slowly than previously anticipated, mainly due to persistent food price increases
Policymakers voted 7-2 for May’s increase, in line with economists’ expectations
Investors pricing in a peak of almost 5% by autumn
BoE predicts inflation will not return to its 2% target until early 2025
Bank of England Raises Interest Rates 25bps to 4.50%, Inflation Remains Too High
