Bank of England raises rates 25bp, warns hikes won’t end until Iran conflict does

Cointime update: The Bank of England raised interest rates by 25 basis points and forecast inflation will rise to 5% next year. Governor Andrew Bailey warned that rate increases will not stop until the Iran conflict ends. The decision came as global markets sold off, with AI hardware stocks tumbling, optical communications names falling in pre-market US trading and Qualcomm down 12%.