General assessment

Quarterly Bulletin 1988 Q2
Published on 01 June 1988

The main focus of attention in the last quarter has been on the domestic economy While the Budget itself was broadly neutral, it had been preceded by a 1/2% rise in interest rates in February and a significant rise in sterling at the beginning of March, and was in turn followed by two 1/2% reductions in interest rates. Together these developments represent a tightening of monetary conditions appropriate to the inflation risks associated with the continuing strength of domestic demand. This Assessment discusses the evolution of domestic monetary policy against the international background of slightly slower growth and continuing unease in financial markets.

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