Prior 3.75%Bank rate vote 0-8-1 vs 0-8-1 expected (Pill voted to raise bank rate by 25 bps)Reasonable to hold bank rate at 3.75% given UK economic situation and Middle East uncertaintyCPI likely to be higher this year as effect of higher energy prices passes throughOur job is to make sure inflation gets back to 2% after initial impact of the war has passedThere is a risk of material second-round effects from inflationPolicy setting would need to lean against thisWeaker economy, labour market, and tighter financial conditions will help reduce inflation over timeStatement details to follow..Coming into the meeting, traders were pricing in ~70% odds for a rate hike in June with the first full 25 bps rate hike priced for July. As for the year, traders were pricing in ~70 bps of rate hikes by the time we get to the final December meeting.More to come.. This article was written by Justin Low at investinglive.com.