The interest rate in the UK, now at 3%, was raised by the largest increase seen in 30 years. The move was in response to six months of the UK's year on year consumer price index (most widely used measure of inflation) being above 9%, vastly over the bank's targeted 2%. The UK market reacted negatively with the pound initially falling 2% against the US dollar. Despite both central banks raising rates 0.75% it was the signalling that followed that was bifurcated. The Federal Reserve suggested that rates would be raised further in the future than the market had priced in, whereas BoE Governor Andrew Bailey claimed he thought markets had gone too far in predicting UK rates.