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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Chispas who wrote (11540)	9/9/2004 9:29:59 AM
From: mishedlo	of 116555

BoE makes ´best decision´ for business - BCC Thursday, September 9, 2004 11:35:23 AM BoE makes 'best decision' for business - BCC LONDON (AFX) - The Bank of England's rate-setting Monetary Policy Committee has made the "best decision" for business by keeping interest rates on hold at 4.75 pct, according to the British Chambers of Commerce David Frost, the BCC's director-general, said there is growing evidence that the housing market is cooling down, suggesting that earlier rises in interest rates appear to be running their course. "The fact that the financial markets now expect rates to peak at a lower level than before demonstrates the MPC's good sense in waiting to judge the effects of earlier rises," he said He noted poor retail sales figures in July and two successive monthly falls in manufacturing output These, he said, reinforce the need for the MPC to take a cautious approach in the months ahead. "Rates now appear to be close to their neutral level, and it is essential that unwarranted rises are not imposed on the business sector," he added

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