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Bank Of England Hikes Interest Rates To 15-Year High Unlike the U.S. Federal Reserve or the European Central Bank – which also both raised rates by a quarter-point last week – the BoE’s Monetary Policy Committee gave little suggestion that rate hikes were about to end as it battles high inflation. advertisement “The MPC will ensure that Bank Rate is sufficiently restrictive for sufficiently long to return inflation to the 2% target,” the BoE said in new guidance about the outlook for rates. “Some of the risks of more persistent inflationary pressures may have begun to crystallize,” it added. British inflation hit a 41-year high of 11.1% last year and has fallen more slowly than elsewhere, dropping to 7.9% in June, the highest of any major economy. Economists polled by Reuters last week forecast BoE rates would peak at 5.75% later this year. The BoE’s forecasts were based on recent market assumptions – which ha...

In a new speech at the Mansion House in London, Bank of England Governor Andrew Bailey openly criticized Bitcoin and a host of other cryptocurrencies. Indeed, in recent statements, Bailey called Bitcoin and the like “extremely speculative assets.” The speech saw Bailey take a clear stance against the digital asset industry through his criticisms. Moreover, he also clearly issued a similar critique of the reliability of stablecoins in his overarching attack against the industry’s biggest players.  Source: Pixabay Also Read: UK’s Bank of England Moves Closer to Launching Its CBDC Bank of England Head Comes After Bitcoin and Crypto The landscape of digital assets in the mainstream is an interesting one, evolving throughout. the year. 2023 started with the fall of FTX, and an overall negative outlook on the industry as a whole. However, as the year has revealed, the industry has seen a host of traditional finance firms seek entry. Something tha...