Alan Clarke
Alan Clarke
Alan Clarkewas an English television and film director, producer and writer...
ProfessionDirector
Date of Birth28 October 1935
believe brink falling firmly healthy interest likely move next rates retail sector shows
It's a healthy increase. It shows the retail sector is not on the brink of falling off a cliff. I still firmly believe the next move in interest rates is more likely to be up than down.
broader certainly consumer data demand fair hawks lends official quarter retail sales suggest support
This certainly lends support to the (Bank of England) hawks that suggest the official retail sales data may not be a fair representation of broader consumer demand in the first quarter of the year.
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Speculation that we will see deep interest rates is overdone. In the context of the widely anticipated rate cut in August, it is not surprising that the Halifax figures rose. Mortgage approvals suggest we should soon get better news on house-price inflation.
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For now, the 8-1 vote will provide ammunition to the doves that expect the next move to be a cut.
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The coming three months of data will be dominated by energy prices given utility bill hikes in excess of 20 percent.
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The key message is housing market activity has improved significantly into the second half of this year and confirms the downside risks to growth from the housing market are vanishing.