Wednesday, Aug 02, 2006
Please Uncle Tom, be wrong.
Guardian: Shop prices surge
Not a suggestion that commercial property prices are flying high - but a sign that high energy prices are perhaps feeding through to the high street. Much more evidence than usual to sway the MPC to a rate raise - assuming that is that they don't do their usual 'turn up with a crate of lager, tell a few jokes, laugh about how much they get paid and announce no change before waving goodbye and promising to be more constructive next time'
Posted by inbreda @ 04:05 PM (172 views) Add Comment
7 Comments
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1. denzil said...
I think the MPC actually meet for three days before announcing their decision.
I think tomorrows decision is already made and the MPC are sat around smoking herb and playing on the PS2 as I write.
I'm with Tom, they will hold.
2. paul said...
I can see the allegations of "they're doing bugger all" flying arouynd the papers the day after tomorrow. Not what they'll want. There will be jokes that Blanchflower doesn't know the price of a loaf of bread in dollars or pounds, and there's that cheesy "Uniting Nations" sing that will be played on Newsnight when they talk about the IR decision. Their Credibility is on the line, a year of no change, prices leaping ahead, wage inflation.
Now back to that song, which goes ...
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
You're out of touch
You're out of touch
You're out of touch
You're out of touch.......
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head
whoa-ohhhhh
WOW!....
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
I'm out of time
But I'm out of my head when you're not around
You're out of touch
You're out of touch
You're out of touch
You're out of touch
You're out of touch.......
Still in the 0.25% rise camp, me.
3. harold said...
Paul, song seems a bit repetitive - I prefer Mozart, or, if I'm feeling patriotic (which is very rare these days), Elgar.
Have a look at this:
http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/11/13/twelve_month.stm
Sterling's performance against the dollar over the past week or so is similarly impressive. It's clear, therefore, that the markets are expecting a rise - do they know something we don't? Probably not. However, if the MPC don't raise, it is unlikely to be a unanimous decision and a rise in September will be on the cards (for sure?). Personally I think the MPC are either suffering from collective mental paralysis, or are drunk on their apparent success of doing sweet bug*er all. It's too close to call, but UT is probably correct, alas. Any thoughts that Blanchflower, being a Yank, might actually have a conflict of interest - the last thing he would want is to see is the $ slip further against the £ (unless of course he gets paid in £s).
4. bidin'matime said...
I'm sure that they will make more noises to the general public before they put up rate. If it does go up tomorrow it will be a big shock for the public - and so much the better.
5. paul said...
The song is repetetive.
Lets see if the tune changes tomorrow!
6. Blindleadtheblind said...
I vote for a rise. Can you imagine if the vote was unanimous, wouldnt that spook the markets!
7. Time To Raise Petrol Prices said...
I'm trading GBP/EUR this lunchtime, so I'm expecting some fun either way!