The British Pound fell sharply in reaction to a Bank of England decision to raise interest rates at a third consecutive policy meeting. The Monetary Policy Committee (MPC) voted by 8-1 to hike rates by 25 basis points, with one member opting for a 50 basis point hike. The Pound dropped sharply in the wake of the news, almost certainly a mechanical response to the revelation only one member voted for 50 basis points of hikes. An initial assessment would be that the MPC has reversed some of the hawkishness it displayed at the February meeting when it was a mere vote away from delivering a 50 basis point hike. The ... (full story)