Bank of England unperturbed by inflation data

The BoE's monetary policy committee voted unanimously to keep the target interest rate at a historic low of 0.1% whilst only outgoing Chief Economist Andy Haldane voted again to reduce the £875bn bond buying programme. The announcement came as a slightly dovish surprise, with recent upside shocks reported in GDP, inflation & employment data teamed with the Fed's announcement last week that they expect rates hikes to be needed sooner than previously thought, with two hikes expected in 2023. The BoE on the other hand offered no new updates on the timing of future rate hikes insisting the inflation surge is temporary. The FTSE 100 advanced 0.5% on the news, with investors encouraged by the unaltered outlook.