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  3. The Bank of England will keep interest rates on hold this month, after August’s cut, but proof of slowing economic growth will p

The Bank of England will keep interest rates on hold this month, after August’s cut, but proof of slowing economic growth will p

admin2010-06-11  29
问题     The Bank of England will keep interest rates on hold this month, after August’s cut, but proof of slowing economic growth will probably provoke another reduction late this year or early in 2006, a Reuters poll shows.
    All 47 economists surveyed by Renters between August 30 and September 1 expected the bank’s Monetary Policy Committee (MPC) to keep rates at 4.50 percent when its meeting ends on Thursday September 8.
    The median forecast showed rates cut to 4.25 percent by the end of next Match and staying at that level until end-2006.
     Last month, the bank cut rates for the first time in two years to boost comer spending and a Reuters poll carried out after the move had forecast a second cut by year-end.
    But minutes from the August meeting, published since, showed that four of the MPC’s nine members--including Bank of England Governor Mervyn King--had voted for keeping rates on hold. Some said this made another move this year less likely.
    "After such a close vote in August, the MPC is likely to want to wait and gather more evidence before moving interest rates again in either direction," said John Hawksworth at PwC, who expects a rate cut sometime in 2006.
    Seventeen of the economists said the next move would be a cut in the final quarter of this year, most likely in November. An equal number forecast a cut in 2006, eight of them in February. Eight said the next move would be a hike and five saw rates on hold until the end of 2006. Those economists who expect rates to be cut again this year said evidence of weak economic growth in the third quarter could spur the bank into action.
    "By the time of the November meeting, it should be clear that growth is set to disappoint and hence they (will) cut," said Michael Saunders at Citigroup.
    Eight of the economists said the next move in rates would be a reversal of the August cut some time next year. They argued that the economy was not doing as badly as some thought, and that things could improve further this year. Concerns about inflation could then prompt mewed tightening.
    Consumer price inflation shot up to 2.3 percent in July, rising above the Bank of England’s 2.0 percent target for the first time since CPI was adopted as Britain’s main inflation measure in December 2003.
    Some analysts said the bank would probably be unwilling to risk fuelling inflation further by cut ting rates. But others argued that the rise in inflation was mainly due to the high oil prices and could thus prove short-lived.
What does "minutes"(Line 1, Para5) mean?
选项 A、One of the 60 parts into which an hour is divided.
B、A very short space of time.
C、As soon as.
D、A written record.
答案D
解析 单词理解题。从第五段中“But minutes from the August meeting…”可知“minutes”为名词，理解为“会议记录”，即答案D。
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