Anyone hoping the Bank of England’s interest-rate hikes will rescue the British pound are likely to be disappointed. The UK’s currency was little changed against the US dollar Wednesday, even as bond yields jumped after a higher-than-expected inflation reading drove traders to price in more aggressive rate hikes from the central bank. Higher interest rates frequently bolster a currency, as has been the case this year with the dollar. But with annual consumer price increases surging to a 40-year high of 10.1%, the scale of the BOE’s efforts to rein it in risk driving the economy into a recession. In a note to clients, ... (full story)