The bank of England's Monetary Policy Committee holds its pre-meeting today, with the formal meeting on 4 and 5 October. Gabriel Rozenberg of the Times provides a useful summary of the issues facing it: Bank's nine digest the work of 100
At 8.45 this morning, nine bleary-eyed men and women in a lecture theatre high above Threadneedle Street will struggle to comprehend the entire economy.
Every aspect of economic life is on display for the interest rate-setting members of the Bank of England’s Monetary Policy Committee at the regular pre-MPC meeting, which takes place on the Friday before each month’s rate-setting meeting. The daunting presentation lasts about four hours and features scores of graphs and charts, created by 100 Bank staff crammed into the seats behind them.
...Growth: services slowdown
The economy grew more slowly in the second quarter than hoped, expanding by 0.7 per cent. That is in line with the long-run trend, but will make the Bank’s growth forecast for the year very difficult to reach.In addition, the third quarter seems to have started slowly, with service sector output falling by 0.3 per cent in July and the PMI surveys showing unexpected weakness. However, retail sales remained robust in August and CBI data suggest that they enjoyed a healthy September as well.
Prices: rising strongly Inflation strengthened to 2.5 per cent on the consumer price index in August, the fourth successive month above the Bank’s target of 2 per cent.Pipeline price pressures appeared more under control, with output price inflation dropping back in response to a large fall in the cost of fuel and scrap metal.
Unemployment may have stopped rising over the summer, although it was hard to be certain as the two measures of joblessness pointed in different directions.
There were also mixed signals on housing. Gross mortgage lending reached a new high of £32.7 billion in August, and Nationwide reported the fastest house price rises since February last year. But the rise in new mortgage approvals recorded by the British Bankers’ Association was modest.
The international economy
The eurozone looks set to become less supportive of UK growth in the months ahead after a weak business confidence survey of Germany from the Ifo institute, which edged down to its lowest level since February.Meanwhile, across the Atlantic traders are starting to price in a cut in interest rates by January, following the softest Philadelphia Fed survey of manufacturing for 3½ years. The evidence is that the housing market is continuing to weaken.
I agree with the articles verdict for a 'probable hold' on rates this month - as do those polled recently by Reuters. A November rate hike is more likely, though there is no rush.
xyy
I love braids. But I can never make good braids of my hair Chanel handbags online, at which I
feel sad and upset Chanel handbag online. Every time when I failed in making a good braid,
href="http://www.youknowbags.com/chanel-handbags-c-14.html">Chanel handbags sale
I will fall into bad spirits, but my favor to braids never weak a little.href="http://www.youknowbags.com">designer handbags sale
. So when I saw this Bottega Veneta Box Clutch in beautiful and smooth braid,href="http://www.youknowbags.com">handbag sale
, though somebody said it is a little simple and plain, I found it is really wonderful. It providescomfortable feelings to me and cast a spell on me at the first sight.As we know, the collection of Bottega Veneta Box Clutches has many beautiful choices for us
href="http://www.youknowbags.com">authentic handbags
. All these clutches combine simplicity, beauty, and usability all at once. The knot on the top is theiricon. Some of them are made from very luxurious materials, such as crocodile leather,designer handbags,thus they have
hefty prices, while other are made from more competitive materials, just like satin, then they have more affordable prices. Though this Bottega Veneta Satin Knot Clutch is made
from satin, it is the same luxurious as croc clutches.replica handbags. As we can see, the sleek lilac satin material
is woven into perfection and is very elegant and stunning.
Posted by: Chanel handbags online | Wednesday, April 14, 2010 at 04:20 AM
xyy
These two colorways of the nike air max 2009 are inspired by
two of the biggest idols LeBron James had as a child. The red pair is inspired by Deion Sanders, while the other pair honors Penny Hardaway. The pair that is inspired after
Penny Hardaway borrows nike air max LTD
href="http://shop.brandsuper.com/nike-air-max-shoes-c-54.html">
the colors from the Orlando Magic. Sorry to give you the bad news, but these will not release.The Air Max 90 has owned some great colorways in the past. Of all
the great colorways we have examined on the nike air max shoes, my favorite has to be
the Nike Air Max LeBron VII “All Star”. However, here we have two brand new colorways that could be some of the best we have seen. Nike is bringing back some of the true
running classics this year. One of those legendary runners is the Air Max
360, which will release in the OG colorway. Nothing is better than a original. These surfaced last year, and the first look made Air Max heads go crazy of a
possible release.
Posted by: nike air max 2009 | Wednesday, April 14, 2010 at 04:34 AM