The Bank of England said it would raise interest rates by a half percentage point on Thursday, surprising economists and traders that anticipated a smaller move. Why it matters: The central bank returned to hiking rates by an outsized amount as the U.K. faces the worst inflation pressures of any major developed nation. What they're saying: In a release, Bank of England officials said recent economic data suggested "more persistence in the inflation process, against the background of a tight labour market and continued resilience in demand." • Analysts expected the central bank to hike rates by a quarter percentage ... (full story)