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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: Tunica Albuginea who wrote (18025)	2/8/2001 7:38:51 AM
From: zbyslaw owczarczyk	Read Replies (2) \| Respond to of 24042

Bank Of England cuts rate to 5.75% Weaker outlook prompts Bank of England into first rate cut for 20 months February 8, 2001: 7:05 a.m. ET LONDON (CNN) - The Bank of England cut interest rates to 5.75 percent on Thursday, as expected, its first reduction in 20-months. The U.S. Federal Reserve cut interest rates by one percentage point in January to counter fears of recession in the world's biggest economy. The BoE is concerned a U.S. slowdown could impact the UK economy. The BoE is "worried that European growth has been affected by a slowdown in the U.S.," Vicky Pryce, an economist at KPMG, told CNN before the rate cut. "There is more evidence that the UK is slowing, and the bank will respond." The UK economy has enjoyed an unprecedented period of stability recently, with the BoE able to resist tweaking monetary policy for almost two years. Steve Barrow, economist at Bear Stearns, told CNN.com earlier this week: "A sharper than expected decline in GDP from 0.7 percent in quarter three to 0.3 percent in quarter four, will probably swing the balance in favour of a rate cut." Minutes from the MPC's last meeting showed the nine-member panel voted by a narrow margin of five to four to keep rates on hold at 6 percent. Those who voted for a cut – the BoE's chief economist Charles Bean, Christopher Allsopp, Sushil Wadhwani and DeAnne Julius, argued that a reduction in interest rates to 5.75 percent could offset a loss in consumer and business confidence from any weakness in the U.S. and world economies.