10 days ago • Posted by Paul de La Baume

#BoE hikes 50bps, sees #UK #recession.  #stocks #oil #trading

The Bank of England raised its key interest rate by 0.5% as expected to 1.75%. The BoE forecasted a recession for the UK economy in the fourth quarter. The pound dropped 0.5% on the news and the yield curve inverted for the first time since 2019. The BoE also plans to begin to sell some of its corporate bond holdings as soon as September 19th. The FTSE 100 Index rose slightly on relief from not higher interest rates and action from the BoE.