BoE admits 'poor guidance' on interest rates - papers 3 May

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The governor of the Bank of England has admitted failing to give enough guidance on its interest rates policy, reports The Guardian.

Mervyn King vowed that the Bank's monetary policy committee will improve the way it communicates, acknowledging that investors have sometimes struggled to work out how economic data might influence its decisions on interest levels. Mr King said that economists needed "something to guide them how to interpret the future data as they come out, as they want to know how we are likely to interpret that data". UBS has been forced to shut Dillon Read Capital Management, the high-profile hedge fund run by John Costas, the former head of its investment bank, and granted its independence less than...

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