At the same time, the U.S. Federal Reserve's Open Market Committee began a two-day rate-setting meeting.
At its last interest-rate-setting session the Fed reckoned the risks of lower inflation were slightly stronger.
The bank's rate-setting council knew it was tightening policy during a sticky period for the economy.
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The central bank's rate-setting Federal Open Market Committee also kept its key interest rate at zero to 0.25%.
The Fed will also release minutes of the Sept. 16 meeting of its rate-setting Open Market Committee on Tuesday.
Rate-setting technocrats cannot permit such a large reduction unless they also drive down deposit rates by a similar amount.
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However, for the previous three months, three members of the Bank's rate-setting Monetary Policy Committee have voted to increase rates.
Before this week's liquidity actions, financial markets expected another three-quarter-point cut at the Fed's next rate-setting meeting on March 18th.
Jean-Claude Trichet, the ECB chief, had suggested at the bank's previous rate-setting meeting, in June, that an increase was likely.
The government has given the review into how the Libor rate-setting system works two weeks to publish its initial proposals.
In addition to a two-day summit of European leaders, investors also are focused on the European Central Bank's rate-setting meeting Thursday.
The Fed's interest rate-setting committee will begin a two-day meeting Tuesday and will issue a policy statement once its meeting ends Wednesday afternoon.
At America's Federal Reserve, all 12 regional governors attend rate-setting meetings, but they take turns filling the five seats on the voting committee.
Two-year-note yields are below 3%, and the rate-setting Federal Open Market Committee is still dithering about how far to move the rate below 4.25%.
Mr. Diamond, who resigned on Tuesday following a rate-fixing scandal, deflected questions onto other banks and the integrity of the rate-setting mechanism as a whole.
Minutes released this week show that a majority of members of the Bank of England's interest-rate-setting committee is still fretting about the strength of consumer spending.
The Item Club says that the change should be used by the Treasury to "review the remit" that it gives the Bank's interest rate-setting Monetary Policy Committee.
Yet much of this relief is based on a single expectation: that the Fed will cut interest rates soon, perhaps even before its next rate-setting meeting on September 18th.
Fueling that belief were comments from ECB president Mario Draghi, who said that "a few" members of the ECB's rate-setting committee were in favor of a rate cut.
The Conservatives would create a Financial Regulation Division within the Bank of England and a Financial Policy Committee similar to the rate-setting Monetary Policy Committee, which would monitor systemic risks and have the power to break up banks.
The three banks that have recently left the rate-setting panel have pointed to business reasons like shifting internal priorities and what they describe as a shrinking in the bank-to-bank lending market as reasons for their departure.
But the former member of the Bank of England's rate-setting committee is more than just a provocateur: His "Alice" paper presaged many of the imperfections and deficiencies in the euro's construction that have since become abundantly apparent.
There was one other thing that Mr Tucker was adamant about, which was that he received no request from any civil servant or minister in the last Labour government to put pressure on Barclays to manipulate its submissions to the Libor rate-setting committee.
They firmly blamed the bosses of Barclays bank for the way their staff tried to manipulate the Libor rate-setting process at various times between 2005 and 2009, in what the committee's chairman called a period of "extremely weak internal compliance and board governance at Barclays" and a "failure of regulatory supervision".
While this number still shows all the worrying dynamics seen in the January IPCA monthly data, the improvement at the margin plus the fact that seasonal items (like education) will not impact the next releases mean that the Central Bank of Brazil (BCB) can still hope to reach the April rate-setting meeting and not raise interest rates.
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Even the most hawkish members of the Fed's interest-rate setting committee believe that the U.S. natural unemployment rate is below 6.5%.
Instead the bank will now publish detailed forecasts from each member of its 17-member rate setting committee.
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Government-supported initiatives such as UK NetYear and the planned National Grid for Learning have focused on the process of connecting schools to the Internet and providing online materials, rather than on setting lower-rate or free access.
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Like other fixed exchange-rate systems, currency boards prevent governments from setting their own interest rates.
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