The Federal Reserve has raised interest rates to 5.5%, despite US inflation confirmed at 3% in June. It has become obvious that major economies are determined to meet their 2% targets through increased interest rates.
With August’s Bank of England (BoE) Monetary Policy Committee meeting just around the corner, this decision could spell trouble for the UK base rate decision with a further increase of 0.25% predicted that could cause further spikes in fixed rate mortgages.
