Earlier this week, the Bank of England gave traders a decision that looked boring on the surface but had plenty going on underneath.
Its Monetary Policy Committee (MPC) voted 8–1 to keep the UK’s benchmark interest rate—the “Bank Rate”—steady at 3.75%.
While a “hold” might sound like a non-event, the subtext of the meeting and the subsequent press conference by Governor Andrew Bailey reveal a central bank walking a tightrope.
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