The Bank of England left its repo rate at 4.5% for the 11th successive month. Attention will now switch to August. If rates are to rise, the monetary policy committee (MPC) will probably need to do more to prepare the ground, either through the minutes or speeches, than it has so far.
The European Central Bank also left its key rate unchanged, at 2.75%. An August hike looks odds-on, depending on what Jean-Claude Trichet says in his press conference.
Dear David,
RE: No Change No Surprise
Money supply is finally tightening on current interest rate......duh, lost month 12.5 bil (MEW) recorded is double the amount for the same period last year. Real inflation is under control !....I don't think so !
Fasten your seat belts, the ride will be bumpy and most certainly.... downhill.
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