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MNI: BOE Hikes 25BPS ; May Take Forceful Action If Needed

(MNI) London
The MPC voted 6-3 for a 25bps hike with 3 backing 50bps. It scrapped its previous forward guidance, and said it would take forceful action if needed to get inflation back to target

The Bank of England Monetary Policy Committee delivered the widely expected 25 basis point hike at its June meeting on another split vote, with three members backing a 50 bps hike.

The MPC ditched its previous forward guidance that further rate hikes might be needed in coming months and instead stated that it would do what is needed to get inflation back to target and if inflation pressures appeared more persistent it would "act forcefully in response."

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The Bank of England Monetary Policy Committee delivered the widely expected 25 basis point hike at its June meeting on another split vote, with three members backing a 50 bps hike.

The MPC ditched its previous forward guidance that further rate hikes might be needed in coming months and instead stated that it would do what is needed to get inflation back to target and if inflation pressures appeared more persistent it would "act forcefully in response."

Keep reading...Show less