The Bank of England, the Bank of England, is meeting today to determine the direction of monetary policy after the ECB and FED. Although investors agree that the BoE will raise interest rates, there are differences of opinion on the amount of the increase. Most market experts expect the UK policy rate to increase by 25 bps to reach 4.75%. However, there are also those who expect a higher rate of increase for certain reasons.
Inflation Is Not Falling In The UK!
While inflation figures are moving down in most parts of the world, the latest data from England surprised everyone. The 8.7% CPI data announced in the previous period did not change as of June. Market participants expected headline inflation to decline to 8.4%.
For this reason, some of the economists commented that the BoE will not imitate the FED in the coming period. While the Federal Reserve did not change interest rates last week, the UK funding rate could increase by 50 basis points instead of 25.
How Much Will Interest Rates Increase?
James Smith, a senior economist at ING, shared his analysis of how far the BoE will go. Emphasizing that the interest rates in the country will continue to increase regardless of the world, Smith pointed to 6% for the peak figure. ING official warned investors that policy effects will take time.
If interest rates rise in the UK today, it will be the 13th increase in a row.
BoE is expected to announce its decision at 14.00 Turkish time.
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