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The Bank of England raised rates to 0.75% on March 17 in an 8-1 vote after the US Federal Reserve's first hike since the pandemic. Deputy Governor Jon Cunliffe voted to hold, warning of a large hit to demand from higher commodity prices.
Economists polled by Reuters had expected a unanimous vote for a hike, and market bets on further tightening were trimmed.
Reduced tightening expectations weaken sterling and the pound-dollar exchange rate. Higher commodity prices squeezing UK demand are a headwind for UK livestock and feed demand.
globalbankingandfinance.comJessica Weisman-PittsMar 17, 2022Not 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.
