Wednesday, May 09, 2007
Is blanchflower on the shadow MPC as well ?
IEA: SMPC votes to raise interest rates
At its latest meeting, the IEA’s Shadow Monetary Policy Committee (SMPC), a group of leading monetary economists that monitors developments in UK monetary policy, voted to raise interest rates by seven votes to two. A vote to raise rates by 0.5% was lost by five votes to four.
Posted by holding out @ 12:38 PM (149 views) Add Comment
4 Comments
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1. Orwell said...
Too close to call this one then. I think a short sharp rise of 1% is called for ...
6 of the best!....
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3. Bubbles. . . . said...
Bring on the 0.5% rate really there is no choice if there is a quick sharp shock eventually rates will go down when people get the message. Back in the 80's when intrest rates went up to 15% they were like that for 8 - 9 months but came down eventually when everything was controlled again inflation cannot be allowed to go out of control. Thought that was one of the remits of the BOE..Measily 0.25% doesnt make any difference to people they will all continue spending and it will be a far bigger correction to finances..
4. harold said...
Judging by the strength of the £ today, some in the fx markets clearly fancy that it might just be more than 0.25 tomorrow. Hmmm... interesting. IMHO however, I'd be amazed if it's more that 0.25, given the MPC's lack-lustre performance in the past.