It is noteworthy that Pereira has made important, market-moving speeches before the key August 2011 meeting (when the bank surprised the market by cutting rates) and at the last monetary policy meeting (where the bank slowed the pace of rate cuts to 25 basis points).

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High levels of consumer spending and the over-heated property market, stoked by historically low interest rates, have prompted the Bank of England's Monetary Policy Committee (MPC) to raise the base rate five times in less than a year.

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As the storm gathered during 2008, the Fed aggressively eased monetary policy by using such open market operations (supplemented by discount rate reductions) to drive short-term interest rates to near-zero levels.

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America's low rate of inflation and its weak labour market mean that policy needs to remain accommodative, but a modest rise in interest rates would still leave monetary policy extremely loose by past standards, and thus continue to stimulate demand and jobs.

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He looks at the difference between conventional Treasury rates and inflation protected Treasury rates, forgets that he and his monetary authorities have used their powers to set those Treasury rates at artificially low levels, and then concludes that the market expects low inflation.

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