The Bank of England held Bank Rate at 3.75% in a 6-3 vote on 16 September as UK inflation hit 3.1% on an energy shock. Gilt yields moved more on the plan to shrink the Bank's bond holdings to zero by 2034 than on the inflation print itself.
Governor Andrew Bailey warned that the longer Middle East energy-price volatility lasts, the more likely Bank Rate will have to rise after the MPC held at 3.75%. Source
