The Bank of England broke a string of 15 consecutive rate rises, opting to hold rates at 5.25%. The decision was considered to be a toss up after inflation data released Wednesday surprised to the downside. It was a narrow 5-4 vote in favor of the pause. “There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally. Given the significant increase in Bank Rate since the start of this tightening cycle, the current monetary policy stance is restrictive,” said the bank. The pound fell sharply after the decision.

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