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Bank of England’s Deflation Defense: More Cut Rates
Bank of England governor Mervyn King said today (Wednesday) that dangerous deflation is opening a door for further interest cut rates.
“In the space of a few months, we have gone from the highest rate of manufacturing input price inflation in nearly 30 years to the lowest monthly rate on record. And measures of short-run inflation expectations have fallen back sharply,” King read from a statement before a press conference.
When asked about cutting rates, King said the Bank of England is “prepared to cut bank rates to whatever level is necessary” to keep inflation at its 2% target, Bloomberg…
13Nov2008 | Money Morning | Comments Off | Continued
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