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Hopes Of Rate Cut Quashed

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Mervyn King appeared to quash any lingering hopes of an imminent cut in interest rates yesterday, hailing the economy's prospects as "optimistic" and warning of continued high oil prices.

The comments by the Governor of the Bank of England, which came amid mixed data on house prices, retail and manufacturing, triggered a jump in the pound as traders bet on a halt to rate cuts. During a visit to Northern Ireland, Mr King said: "People are still spending in the shops, but carefully. We still see a growing world economy. It's a reasonably optimistic picture."


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So that is why the Pound went up so strongly against the dollar yesterday.

The power of words. It is a good example of why economies are so difficult to explain then mathematical models.

Edited by FTBagain

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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