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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Joan Osland Graffius who wrote (202778)	11/7/2002 7:21:21 AM
From: maceng2	Read Replies (1) of 436258

or will they go for the jugular - and let him stand in this field all alone? Bye Bye Greenie, Bye Bye Dollar, Bye Bye any UK exports. ho hoh ho -g- Cautious Bank of England holds rates at 4% news.ft.com By Anna Fifield in London Published: November 7 2002 12:00 \| Last Updated: November 7 2002 12:15 The Bank of England on Thursday left its main interest rate unchanged at 4 per cent for the twelfth consecutive month, despite the US Federal Reserve's unexpectedly large rate cut on Wednesday. Economists had given the Bank's monetary policy committee a 50-50 chance of cutting rates, as it weighed the dilemma of robust growth in the consumer and service sectors while manufacturing continues to flounder. After the minutes of its October meeting showed three of the nine-member committee voted for a quarter of a percentage point cut to 3.75 per cent, analysts said the MPC was moving closer to cutting rates. By leaving rates unchanged, the MPC has delivered the longest period of stable rates since 1966. ING Barings economists said the recent rebound in equity markets, coupled with robust service sector and consumer data, appeared to have swayed the MPC. The Fed cut might have diminished the need for a cut in the UK but there was little sign of improvement yet and the MPC could be forced into half-point cut in December. The Bank has been putting the finishing touches on its projections for inflation over the next two years, to be published next week. The decision to hold rates implies that a majority of MPC members believe that inflation will rise to hit the 2.5 per cent target in two years time. Data published earlier this week showed that manufacturing output fell 0.4 per cent month-on-month in September, prompting the Engineering Employers' Federation to call for a rate cut. But the Council of Mortgage Lenders, the Confederation of British Industry and the British Retail Consortium all said there was no pressing need for a reduction. The CBI's monthly distributive trades survey showed healthy retail sales growth in October and the Chartered Institute of Purchasing and Supply's report recorded robust activity growth in October. A rate cut would have risked further fuelling the already overheated property market, where annual house price inflation has hit 24 per cent: its highest level since the boom of the late 1980s.

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