The Bank of England had a clear hawkish tone and sent the pound shooting higher. The BOE left the interest rate unchanged at 0.50% as expected and with a unanimous vote. However, they also raise both inflation and growth forecasts. More importantly, the BOE stated that interest rates may need to rise earlier and faster than they thought back in November. This is clearly a hawkish shift. Governor Mark Carney added that growth cannot rise much faster without sparking higher inflation. This sent Sterling even higher.
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