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- Title
Current monetary policy issues.
- Abstract
In this speech, Rachel Lomax, Deputy Governor for monetary policy, discusses the difficult policy issues facing the Monetary Policy Committee. On financial market turmoil, she argues that the problem is one of uncertainty about both the size and location of losses from defaults on US sub-prime mortgages. The impact of this turmoil on UK monetary policy will depend on the likelihood of a credit crunch, and on whether there is a significant impact on credit conditions in the longer term. She notes that rising energy prices remain an important influence on interest rate decisions, even though they have a smaller impact than 20 or 30 years ago. She concludes that the MPC face a tricky period as they try to weigh the risk of an unduly sharp downturn against the threat to inflation posed by a sharp surge in energy prices.
- Subjects
LOMAX, Rachel; MONETARY policy; FINANCIAL crises; ELECTRICITY pricing; SUBPRIME mortgages
- Publication
Bank of England Quarterly Bulletin, 2007, Vol 47, Issue 4, p570
- ISSN
0005-5166
- Publication type
Speech