Source: Bloomberg.com
U.K. inflation quickened to the fastest pace in at least 11 years in September, squeezing consumers with higher living costs as the financial market crisis curbed the availability of credit.
Prices rose 5.2 percent from a year earlier, the most since records began in 1997, the Office for National Statistics said in London today. The median forecast of 32 economists in a Bloomberg News survey was 5 percent. Inflation has now exceeded the Bank of England’s 2 percent target for a year.
The central bank cut the benchmark interest rate last week by half a point to 4.5 percent after an emergency meeting. The crisis of confidence in the banking system and lower commodity prices have raised the risk that inflation may slow below the target, policy maker Andrew Sentance said yesterday.
“The weakness in the economy will be more than enough to bring inflation to target,” said Nick Kounis, an economist at Fortis in Amsterdam and a former U.K. Tre...
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Dodd: We may be “days away from a complete meltdown of our financial system”From: feeds.feedburner.com
Post Date: 2008-09-19 14:17:06
Source: The Associated Press:
Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working quickly to prevent that.
Dodd said Friday that Democrats and Republicans on the Hill are coming together to support the Bush administration’s developing plan to buy up bad debt from financial institutions and get the credit system working again. Dodd told ABC’s “Good Mo...
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Gold tumbles most in 25 years after rescue planFrom: feeds.feedburner.com
Post Date: 2008-09-19 09:09:44
Source: MarketWatch
Gold futures plummeted Friday — at one point falling 7.6%, the biggest percentage drop in more than 25 years — as speculation that a Washington-engineered rescue plan could avert financial crisis reduced demand for gold as an investment haven.
Gold for December delivery was last down $24.50, or 2.7%, at $872.50 on the Comex division of the New York Mercantile Exchange. The precious metal is set to end the week up 13% after the previous two sessio...
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Money markets get a lifelineFrom: feeds.feedburner.com
Post Date: 2008-09-19 06:47:14
More Gov’t bolstering of the “Free Market”…
Source: money.cnn.com
The Treasury Department and Federal Reserve took steps Friday to help stabilize the U.S. money market fund industry, which has come under severe strain following the dramatic events that took place across the financial system this week.
The Treasury said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors.
Complementing that was a double-edg...
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Stocks soar on rescue hopes, and it will only cost Taxpayers half a Trillion!From: feeds.feedburner.com
Post Date: 2008-09-19 04:06:22
Bad Debt Plan May Cost Up to Half a Trillion Dollars
Treasury Secretary Hank Paulson briefed Congressional leaders on plans to address the “illiquid assets” on U.S. financial institutions’ balance sheets, possibly including the creation of a government facility to take on financial firms’ bad debts.
The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion-dollars and would involve the purchase of both private-...
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