Bank of England raises interest rates again, sees inflation shock fading

LONDON, March 23 ― The Bank of England raised interest rates by a further quarter of a percentage point today and said it expected the surge in British inflation to cool...

LONDON, March 23 ― The Bank of England raised interest rates by a further quarter of a percentage point today and said it expected the surge in British inflation to cool faster than before, despite a surprise jump in price growth announced yesterday.

The BoE ― which is trying to reconcile a weak economic outlook and anxieties about global banks with stubbornly high inflation ― kept unchanged its message that the MPC saw less urgency about maintaining its fast run of rate hikes. Sterling rose slightly against the US dollar and the euro while British government bond prices were little changed after the announcement. Investors in rate futures markets positioned themselves for one more 25 basis-point move by the BoE, putting a roughly 50 per cent chance on a quarter-point increase as soon as May.

The BoE today noted “large and volatile moves” in financial markets around the world caused by the banking turmoil but said its Financial Policy Committee judged that Britain's banking system remained resilient.

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