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Foreign Central Banks

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The four major central banks left their policy targets unchanged as the British pound, the euro, and the yen continued to appreciate relative to the U.S. dollar. While the Bank of England held its repo rate at 3.75%, one member of its Monetary Policy Committee voted against the decision, preferring a 4% rate. Also, consistent with last June’s announcement and with practice elsewhere in the European Union, the Chancellor of the Exchequer has reset the Bank’s inflation target to 2%, reflecting a change to a harmonized index of consumer prices as the basis for targeting.

Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-01, pp. 18, 01.01.2004.

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