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MNI BOE WATCH: Further Hikes Likely, Market Peak Overblown

(MNI) London

The BOE Monetary Policy Committee hiked 75 basis points at its November meeting, saying further rises are likely but suggesting the market peak was overblown.

The Bank of England hiked Bank Rate 75 basis points to 3.0%, at Its November meeting, with the majority of members taking the view that more hikes were likely needed while hammering home the message that the recent implied market peak of 5.25% was overblown.

BOE Deputy Governor Ben Broadbent told a press conference following the decision that it was true that both further tightening was likely and that the Monetary Policy Committee thought the policy rate was "not likely not have to go as far as 5.25," the peak of the market curve used in the Bank's forecasts.

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The Bank of England hiked Bank Rate 75 basis points to 3.0%, at Its November meeting, with the majority of members taking the view that more hikes were likely needed while hammering home the message that the recent implied market peak of 5.25% was overblown.

BOE Deputy Governor Ben Broadbent told a press conference following the decision that it was true that both further tightening was likely and that the Monetary Policy Committee thought the policy rate was "not likely not have to go as far as 5.25," the peak of the market curve used in the Bank's forecasts.

Keep reading...Show less