The Bank of England's policy rate stands at 4%, in line with expectations of 4%, compared with the previous reading of 3.75%.
The Bank of England voted 8-1 to raise its benchmark rate to 4%, with Monetary Policy Committee member Mann dissenting in favor of a 50 basis point hike to 4.25%. The Bank of England's central forecast shows inflation peaking at 4.9% in the second quarter of 2027.
Bank of England Governor Bailey: Unless the Iran war ends, this is unlikely to be the last rate hike.
Traders have increased their bets on Bank of England rates, pricing in a 35% probability of a rate hike in December.
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