Foreign Central Banks
The Monetary Policy Committee raised the Bank of England’s policy rate 25 basis points to 4.25% on May 6, “to keep CPI inflation on track to meet the 2% target in the medium term.” The committee deemed this change necessary because of “a small and diminishing margin of spare capacity.”
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-06, pp. 18, 06.01.2004.