UK increased Bank Rate by 0.25% to 1%
A majority MPC voted to rise 0.25% while the minority preferred to increase by 0.5% UK Monetary Policy Summary (MPC), sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 4 May 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1%. Those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 1.25%. Since the MPC’s previous meeting, advanced-economy government bond yields had risen significantly and by more in the United States and in the euro area than in the United Kingdom. Ten-year yields had increased by around 80 basis points in the United States, 65 basis points in the euro area and 35 basis points in the United Kingdom (UK). The near-term path for market-implied policy rates in the United States had risen significantly since the MPC’s previous meeting. At its March meeting, the Federal Open Market Committee had