UK interest rates may have topped out

[RP]

Today saw the release of the minutes from the BoE meeting held on March 7/8.

 

Analysts had expected a repeat of the previous months 7 votes to 2 in favour of holding rates steady, with the 2 voting for a hike. But the minutes show it was actually 8-1 with the 1 in favour of a cut!

 

"The upside risk to inflation from wage growth might have started to diminish"

 

"Inflation was likely to decline faster in the short-term than in the Committee's central projection"

 

They also noted that developments in the housing market "might also be a signal that house price inflation was starting to ease".

 

 

 

Could that be the end of this cycle of rising UK interest rates??

[Cobs]

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[cymrococh]

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[vish]

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[RP]

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[vish]

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Edited March 21, 2007 by Vish