I don't think there was a case for a 50 bps rate hike today – Bailey

<ul><li>BOE is evidence-driven</li><li>It is not the right time to declare that "we are done" with rate hikes</li><li>If there is more evidence of persistent inflation, we will raise rates further</li><li>But again, there is more than one path to deliver inflation target</li></ul><p>The question posed was whether or not they are delivering a similar communication to the ECB last week. In some roundabout way, he is saying no but it doesn't mean that even more rate hikes is the answer to solve the inflation equation. As mentioned earlier, it just seems like the BOE is just one meeting (or at most two) behind where the Fed and ECB are at right now.</p>

This article was written by Justin Low at www.forexlive.com.