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Bank of England Governor Suggests Market is Mistaken in Outlook for Bank Rate
Bank of England (BoE) Governor Andrew Bailey indicated on Thursday that Bank Rate may already have risen as far as it's likely to as a result of the recent increase in workforce pay and the rebound in core inflation in remarks that were suggestive of risk to market expectations of a further large increase in the months ahead. Governor Bailey told the European Central Bank Forum on Central Banking that he felt it was better to raise Bank Rate from 4.5% to 5% in June because the economic data emerging before last Thursday's decision had merited more than one standard increase and there was no sense in waiting before ... (full story)