Interpreting the interest rate runes

Is there no end to these interest rate increases?

7th October, 2006

It has been clear for some time that the European Central Bank (ECB) was very unhappy to have interest rates at historically low levels at a time when economic growth was reviving and inflation was above its target level of 2 per cent.

So since the bank started to increase interest rates last December, the ECB has been happy to nudge them successively higher. Last week’s increase was the fifth quarter-point rise, bringing base rates from...

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