Foreign Central Banks
The Bank of England’s Monetary Policy Committee raised its repo rate to 4% in early February, the second increase of 25 basis points in three months. The committee said that this tightening action was required because, “although sterling has appreciated, continued [output] growth above trend means that inflationary pressures are likely to pick up gradually over the next couple of years.”
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-03, pp. 18, 03.01.2004.