Volatility had risen and there had been some notable movements in financial asset prices both domestically, reflecting in particular the further unexpectedly large fall in the unemployment rate, and internationally, following concerns about the prospects for some emerging economies. UK short-term market interest rates had fallen on the month: having risen on the release of the unemployment data, they subsequently fell following comments from Committee members and as market concerns about some emerging economies intensified. The one-year rate, one year forward implied by overnight interest rate swaps had fallen by 13 ... (full story)