Bank of England set for 4th straight rate hike to fight inflation

The Bank of England sent a stark warning that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates on Thursday to their highest since 2009, hiking by quarter of a percentage point to 1%. The pound fell by more than a cent against the U.S. dollar to hit its lowest level since mid-2020, below $1.24, as the gloominess of the BoE's new forecasts for the world's fifth-largest economy caught investors by surprise.
Read more: https://www.reuters.com/world/uk/bank-england-set-4th-straight-rate-hike-fight-inflation-2022-05-04/?source=Snapzu