"Bank of England's Interest Rate Hike Streak Ends as Inflation Cools"

The Bank of England has ended its streak of 14 consecutive interest rate hikes after new data revealed that inflation is running below expectations. The Monetary Policy Committee voted 5-4 in favor of maintaining the rate at 5.25%, with four members preferring another 25 basis point hike. The decision comes as UK inflation dipped to 6.7% in August, below the consensus forecast of 7%. The Bank also unanimously voted to cut its stock of UK government bond purchases by £100 billion over the next 12 months. Bank of England Governor Andrew Bailey stated that while inflation is falling, there is no room for complacency, and further rate increases may be needed. The decision raises questions about whether this marks the peak of the interest rate cycle.