The European Central Bank (ECB) was the first to tighten monetary policy last Thursday, marking its second rate hike since the outbreak of the Iran conflict. The Bank of England (BoE) is expected to keep interest rates unchanged in its decision this Thursday, but three officials already supported a rate hike at the July meeting, and with overall inflation in August projected to rise to a five-month high of 3.1%, the possibility of a shift to rate hikes as early as November cannot be ignored.