The UK central bank keeps concerns about runaway prices in check with a modest hike in borrowing costs, writes pierrebri.
The BoE was first among major central banks to raise rates in December last year. It may be now the first to worry about a looming economic slowdown, which higher rates would only make worse.
Stung by criticism of last year’s incorrect forecasts about “transitory” inflation, many central bankers seem eager to show they are now tackling the beast, even though most economic indicators point to price pressures easing in the months to come. With the UK expected to be the Organisation for Economic Co-operation and Development’s worst-performing economy next year, the BoE has wisely chosen not to add to the pain.
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