The Bank of England will need to unleash a dramatic series of interest rate hikes that take borrowing costs to 3% by the end of the year, according to financial market bets that suggests policy makers have lost control of inflation.
The UK central bank delivered a quarter-point rate increase on Thursday -- a third the size the U.S. Federal Reserve pushed through the night before. BOE policy makers also signaled they will move “forcefully” in the future if needed.
