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      BoE's Carney: Bank rate should rise along with normalization of UK economy

      FXStreet (Łódź) - Following the release of BoE's Quarterly Inflation Report on Wednesday, governor Mark Carney explains in prepared remarks that UK's economic expansion is on track, recovery gaining momentum.

      • The BoE head suggests bank rates need to rise as the economy normalizes.

      • Unemployment has fallen sharply.

      • Productivity and real incomes have disappointed.

      • "Slack is being used up at faster pace than anticipated."

      • Wages are expected to rise by just 1.25% in 2014, down from the previous prediction of 2.5%.

      • Growth should accelerate to 3.25% in 2015, down from 3.5% seen before.

      • The timing of the increase of the first bank rate hike is not certain yet, Carney stresses.

      • Once the rate rises start, they will be gradual and limited.

      GBP/USD crumbles after BoE QIR

      The GBP/USD slumped to fresh 2-month lows as soon as the Bank of England Quarterly Inflation Report was released and as Governor Carney speaks.
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