UK's CPI came in at 8.7% YoY, exceeding expectations and increasing pressure on the BOE ahead of its rate decision. Core rose to a 30-year high, with analysts questioning whether more hikes could lead to a mortgage crisis.
The BOE is set to meet on Thursday and is expected to hike by 25 bps as it aims to respond to the banking crisis with targeted measures. Meanwhile, CPI surged to a 40-year high, adding more pressure to the MPC.
The BoE is expected to hike interest rates by 75 basis points on Thursday, the most prominent hike in over 30 years, despite "flying blind" into the MPC.
After a shift in the UK's economic policy and the appointment of a new Exchequer Chancellor in the UK, the British pound climbed against the US dollar and the Euro yesterday.
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