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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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