Article 5X698 Bank of England set for tough call on interest rates after US rise

Bank of England set for tough call on interest rates after US rise

by
Larry Elliott
from Economics | The Guardian on (#5X698)

Analysis: UK faces strong pressure from inflation, but increase could help push economy into recession

The Federal Reserve has raised US interest rates for the first time since 2018; now all eyes are now on the Bank of England to see whether it increases UK borrowing costs for a third time in succession.

Wednesday's quarter-point increase by the world's most powerful central bank was never really in doubt. It would have come as a complete shock to Wall Street had the Fed decided to sit on its hands as a result of the war in Ukraine.

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