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

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To: CalculatedRisk who wrote (13000)	10/7/2004 11:10:43 AM
From: mishedlo	Read Replies (1) of 116555

BoE MPC leaves repo rate unchanged at 4.75 pct [No comment given - mish] Thursday, October 7, 2004 11:15:24 AM afxpress.com LONDON (AFX) - The Bank of England's rate-setting Monetary Policy Committee has left its key repo rate unchanged at 4.75 pct. There was no statement accompanying the decision, which came as no surprise. All 16 forecasters polled by AFX News predicted that the rate-setting Monetary Policy Committee would keep borrowing costs on hold. The more interesting question is whether the MPC will raise the cost of borrowing another quarter point in November, as has widely been expected. However, following a raft of weak economic data over the past few weeks, a number of City analysts are now predicting that rates will remain on hold through the rest of the year. The central bank has raised the cost of borrowing five times since November last year, with the most recent hike last month, as it seeks to rein in inflationary pressures, stemming primarily from rampant consumer demand The minutes to today's rate-setting meeting will be published on Wednesday, October 20.

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