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Article: NO JOY YET ON UK RATE CUTS.
- Article from:
- Daily Mail (London)
- Article date:
- January 5, 2001
CopyrightCOPYRIGHT 2001 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AMERICAN exuberance frequently falls flat on crossing the Atlantic.
Euphoria about interest rate cuts over there gave way to a sinking feeling that nothing much has changed over here. The early surge in the Footsie soon peaked and technology stocks lost their best gains as the day wore on.
The European Central Bank did its bit for the killjoys by holding interest rates at 4.75pc. Our home grown monetary hawks drew comfort from signs that UK consumer lending and spending are still strong, lessening the case for a cut. The Federal Reserve Bank may take fright when markets slump, but our Monetary Policy Committee is made of sterner stuff.
Perhaps. ...