Sunday, June 22, 2008
The property bulls very own “Lord Ha-Ha” aka David smiths weekly propaganda sinks to new lows
THE Bank of England’s message on interest rates in recent days was intended to be neutral, sources say, and not a signal that the monetary policy committee (MPC) is contemplating early rate rises. Money markets had a roller-coaster ride last week, when the publication of figures showing a jump in inflation to 3.3% was followed by what the markets saw as a dovish letter from governor Mervyn King to chancellor Alistair Darling. Fears of higher interest rates were then revived with the publication of the minutes of the MPC’s meeting earlier this month, in which the committee had discussed whether a rate hike was needed. Then, in his Mansion House speech in the City, King stressed the Bank was committed to meeting the 2% inflation target and would take whatever action was needed.