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Miles: Asset prices, saving and the wider effects of monetary policy
In a speech delivered at the pro.Manchester Business Conference, David Miles – External Member of the Monetary Policy Committee – describes how he sees the current stance of monetary policy. He considers how asset purchases might be affecting the economy, and assesses the view that such asset purchases are causing particular harm to those saving for retirement. Miles begins by discussing the inflation projections outlined in the February Inflation Report. The inflation projection fan chart is based on the assumption that the first increase in Bank Rate might not come until the second half of 2014, which is what ... (full story)