HUGE DROP ON GBPUSD
The rate hike is considered a “major step” that “frontloads” the transition to interest rate levels consistent with bringing inflation back down to 2% target
The Governing Council expects to raise interest rates further, remains data-dependent and follows a meeting-by-meeting approach
Inflation is expected to stay above target for an extended period, projections have been revised upwards significantly to averages of 8.1%, 5.5% and 2.3% in 2022, 2023 and 2024
Growth is now expected to stagnate later this year and Q1/23, projections are now for GDP to grow 3.1%, 0.9% and 1.9% in 2022, 2023 and 2024
Suspended the two-tier system for excess reserves by setting the multiplier to zero
APP remains unchanged
The Governing Council expects to raise interest rates further, remains data-dependent and follows a meeting-by-meeting approach
Inflation is expected to stay above target for an extended period, projections have been revised upwards significantly to averages of 8.1%, 5.5% and 2.3% in 2022, 2023 and 2024
Growth is now expected to stagnate later this year and Q1/23, projections are now for GDP to grow 3.1%, 0.9% and 1.9% in 2022, 2023 and 2024
Suspended the two-tier system for excess reserves by setting the multiplier to zero
APP remains unchanged
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