Bank of England Governor Andrew Bailey said the outlook was too unpredictable to endorse markets pricing almost four interest-rate increases over the next year. The Bank of England (BoE, the UK central bank) kept rates unchanged but warned of rising inflation pressure. It also announced plans to wind down its British government bond holdings, ending sales of long-dated gilts and pausing active sales for six months. Bailey said the decision was planned before the conflict in the Middle East and was not a response to market conditions, even as 30-year gilt yields reached their highest level since 1998.