- Fed warns that it is too soon to tell how monetary policy should respond to banking fallout
- BoE says that inflation “remains likely to fall sharply over the rest of the year” despite recent surprise
The Bank of England and the US Federal Reserve both pressed ahead with quarter point interest rate hikes in the wake of financial market tensions triggered by the collapse of SVB.
The move takes UK interest rates to 4.25 per cent and raises the Federal Funds target to 4.75-5 per cent.