Bank of England surprises with 50 basis point rate hike to tackle persistent inflation

• Thursday’s 50 basis point hike surprised markets, which had priced in a smaller rise.
• Policymakers are walking a tightrope as they attempt to tighten monetary policy sufficiently to quell inflationary pressures without triggering a full-scale mortgage crisis and recession.
• Core inflation — which excludes volatile energy, food, alcohol and tobacco prices — was 7.1% year on year in May, up from 6.8% in April and the highest rate since March 1992.

Bank of England June decision: 50-basis-point rate hike to tackle persistent inflation (cnbc.com)