Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

The Bank of England has now raised rates at six consecutive meetings to try and combat the U.K.’s rampant inflation. Its interest rate now stands at 1.75%. 

What Happened: Following Thursday’s meeting, the bank announced a 50-basis-point hike, which is its largest single increase since 1995. The bank is now projecting the U.K.’s longest recession since the global financial crisis, CNBC has reported.