The Pound started last week on the front foot against most currencies until Thursday when the Bank of England raised interest rates by 50bps- this, itself would usually be viewed as a hawkish moment from the Central Bank, however, commentary from Governor Bailey very quickly turned this pretty dovish- here is the TLDR from Thursday’s meeting; BoE expects inflation to peak above 13% and stay above 9% for the next year. UK is projected to enter recession in Q4 of 2022, and is expected to last 5 quarters. Interest rates could still be raised up to around 3%. So what does this all mean? Unfortunately, nothing is good. ... (full story)