Wednesday, May 23, 2007
It could have been..
FT.com: Bank considered half-point rate rise
Chewing over what might have been, but at least they considered it:
The Bank of England discussed a 50 basis point increase in interest rates at this month’s monetary policy committee meeting, minutes released on Wednesday showed.
“This is a hawkish set of minutes that point firmly to another interest rate hike before long. Even the persistently dovish David Blanchflower was convinced of the need for higher interest rates in May,” said Howard Archer at Global Insight.
The minutes showed that some committee members thought that because a 25 basis point increase at the May meeting was considered a given by the markets it may be necessary to deliver a firmer jolt in the form a one half of a percentage point.
Posted by dohousescrashinthewoods @ 12:19 PM (168 views) Add Comment
7 Comments
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1. little professor said...
Wow! 9-0 in favour of raising rates 0.25%. I thought Blanchflower would do his usual shennanigans.
2. paul said...
I think he's received a lot of flak about his proxy role in the MPC and his real interests.
Rightly so, I think all of the MPC members should have to register their interests, after all, even a bluebottle on the wall would have made money in the property market had they been party to Eddie George's decision in 2003 to stoke the market ...
3. inbreda said...
With names like Flower it's not really surprising they didn't have the guts.
4. Orwell said...
Well I don't think they have acted in time....
7.5% by next year?
5. dohousescrashinthewoods said...
Ooh, handbags at dawn, inbreda!
I don't think name calling helps (though "blanch" suggests white, palid, bleached or whitewash, so I'm no innocent)
Interesting talk about back-to-back rises when the last one hasn't yet fed through.
6. japanese uncle said...
Incremental deployment of military forces in a strategically crucial theatre always proves a fatal error. For instance, deployment of three divisions at once can settle the problem once and for all, while deployment of one division after another, may take another three at the end of the day. In more daily terms, one stitch in time saves nine. Members of the MPC may be just foolish, but may not be that stupid. Then the real intention of this seemingly silly way to cope with inflation might be a strategic stone to raise IR up to 7-8%, possibly....
7. talking rot said...
Oh JU
The London Underground is a political movement!