Today’s BoE decision may have been its best executed in the current tightening cycle. The bank began hiking rates in December 2021, so this is a compliment as much as a critique of the colloquial ‘unreliable boyfriend’. The BoE is not alone in this club, however. The BoC also rolled out a mostly unexpected hike that our economics team anticipated as the right thing to do after not acting since January (see here). A half-point hike was a difficult trick to pull off with markets already expecting a six-handled Bank Rate. The BoE succeeded today in delivering its largest hike since February, with limited turbulence in ... (full story)