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The Bank of England raised Bank Rate by 25 basis points to 4.25%, its highest level since 2008, with a 7-2 vote and a pledge to hike again if needed. It also raised its GDP growth forecasts.
Sterling firmed after the decision, which was read as hawkish.
A hawkish BoE supports sterling and tightens financial conditions, which can weigh on demand and the dollar-based value of commodities. The impact on feed markets is limited.
poundsterlinglive.comGary HowesMar 23, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
