BoE Slashes Interest Rates 150 Basis Points

Wow, back to 1954:

The Bank of England unexpectedly slashed the benchmark interest rate by 1.5 percentage points as policy makers tried to contain the damage caused by a recession.

The nine-member Monetary Policy Committee, led by Governor Mervyn King, slashed the bank rate to 3 percent. The move was predicted by none of the 60 economists in a Bloomberg News survey. The pound plunged as much as 1.1 percent to $1.5722.

Dollar rally should hurt Oil and Gold today . . .

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Source:
Bank of England Slashes Key Rate by One Third to 3%
Jennifer Ryan
Bloomberg, November 6 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=aG9gbrS0K2b4&

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