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Bank of England. In line with our expectation, the Bank of England (BoE) hiked policy rates by 25bp, bringing the Bank Rate to 4.50%. The majority of the Monetary Policy Committee (MPC) voted for an increase of 25bp as they deemed it "important to continue to address the risk of more persistent strength in domestic price and wage setting". The updated inflation projections showed that the BoE has revised its inflation projections higher across the forecast period, now expecting inflation to reach its 2% target in 2025, a year later than previously expected. EUR/GBP initially moved slightly lower but fully retraced the move during the press conference ending the day above 0.87. With both growth and domestic inflation having surprised to the topside and given BoE's message today, we pencil in an additional 25bp hike in June 2023, bringing the terminal rate up to 4.75%, Bank of England Review - A data dependent approach, 11 May. ....