Bank of England raises rates for third time to counter inflation

Yahoo Finance's Brian Cheung explains the chart of the day, showing the Bank of England's latest policy movements.

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- Well, it's time now for our Chart of the Day. And we want to highlight that it's not the Fed that's the only game in town. There's another major central bank making moves today as well. And it is the Bank of England. They announced that they raised their bank rate by 0.25%, again, the same increment. That takes their rate to 3/4 of a percent. Is the third consecutive meeting in a row that the Bank of England has raised short-term borrowing costs. That means they're about two steps ahead of the Fed, on that front at least. The bank is warning that the Russian invasion of Ukraine will mean slower growth and more inflation over the coming months.