# Pound Sterling Holds Firm after Bank of England Hikes Rates and Growth Forecasts, But a Pause is Coming into View

> 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.

- Date: 2023-03-23 · published 2023-03-23T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/37121-pound-sterling-holds-firm-after-bank-of-england-hikes-rates-and-growth
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

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.

## Read by commodity

- GBPUSD: bullish ▲

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/gbp-live-today/18400-pound-to-euro-and-dollar-higher-as-bank-of-england-reads-hawkish

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.