Glad to see interest rates on hold, but monetary policy may already be excessively tight and rates may need to come down soon
Glad to see Bank of England decision not to raise rates, but it is worrying that three MPC members wanted to keep tightening. It is a relief that the majority of members decided not to increase interest rates this month, but is still of concern to see three members wanting them to go up by another 0.25 % points. It is hard to understand why rates would need to increase yet again, in the face of major global tensions, leading…