The Bank of England lifted the cash rate by 0.25%, the 12th rise – to 4.5%. They held a press conference of over an hour, and mindful of the recommendations relating to the RBA review highlighting weakness in communication, I picked out some highlights from the UK session.
This includes the basic rationale for the rate rise, a discussion about the mortgage cliff, what caused inflation in the first place, and the impact on households. It was frankly a more grown up discussion – even if they still anchor inflation to supply chain shocks and energy issues. But their comments on Huw Pill recent comments were also significant.
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