Bank Of England Softens Policy Tightening; Signals Additional Hike Ahead

The Bank of England lifted its benchmark rate for the ninth straight session on Thursday, but moderated the pace of tightening from the previous session's 75 basis point hike, as widely anticipated, echoing the US Federal Reserve's move a day earlier. In a three-way split, the Monetary Policy Committee of the BoE raised the bank rate by 50 basis points to 3.50 percent.