Bank of England Is Latest Central Bank to Raise Rates Following Fed Increase

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LONDON—Central banks and governments around the world have moved to increase interest rates or support their currencies after the Federal Reserve raised its main policy rate by a third-consecutive 0.75-point jump and signaled that rates could remain high for some time, giving fresh impetus to an already strong dollar.The Bank of England was the latest to adjust rates higher, raising its key interest rate for the seventh consecutive time Thursday, though it held off from quickening the pace of its rate increases as government measures to cap soaring energy bills promised to ease inflation in the months ahead.

In a statement, the bank raised its key rate to 2.25% from 1.75%, marking the second time in as many meetings that the bank has opted for a half-percentage-point increase in its longest cycle of interest-rate increases since the late 1990s.

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