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- BoE: Potential 25 bps hike in May – UOB
BoE: Potential 25 bps hike in May – UOB
Economist at UOB Group Lee Sue Ann assesses the latest BoE event, where the “Old Lady” raised the policy rate by 25 bps.
Key Takeaways
“The Bank of England (BOE), at its meeting in Mar, voted by a majority of 8-1 to increase the Bank Rate by 25bps to 0.75%. This is the third consecutive policy meeting that the BOE has raised its key interest rate, marking the quickest pace of tightening since 1997, and taking its policy rate back to pre-pandemic levels.”
“However, the BOE struck a more dovish tone, suggesting the Monetary Policy Committee (MPC) expects an increasingly delicate balancing act in the coming months as it considers the trade-off between strong inflation and weakening growth.”
“We see room for a further 25bps hike, due to the strength of the labour market and upward revisions to our inflation outlook. For now, we have pencilled in the next hike at the 5 May meeting. Thereafter, we look for a pause.”
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