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Bank of England announces rate hike to 1%, the highest since 2009

After the Bank of England's interest rate meeting last night (5th), as expected, it announced to raise interest rates by 25 basis points to 1%. Among the 9 members who voted for a rate hike, 3 supported a 25 basis point hike. In addition, most members believe that further tightening of monetary policy is still appropriate in the next few months, and since interest rates have been raised to 1%, they will consider starting to sell their holdings of government bonds. Although the Bank of England maintained a hawkish stance, due to the Russian-Ukrainian incident and the continued high inflation, the central bank significantly lowered its full-year economic forecast for this year. 1% earlier than expected.
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