Central Bankers Are Getting Itchy

The Bank of England is inching toward higher rates in a preemptive strike to ensure borrowing costs can stay lower for longer. 
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At his Aug. 13 press conference to present the Bank of England's quarterly inflation report, Governor Mark Carney sashayed around a direct question asking whether an early interest-rate increase might be a helpful way to ensure borrowing costs rise only slowly and gradually. Minutes of the central bank's most recent policy meeting, released today, suggest his discomfort was warranted -- and that an increase is likely even before wages start to grow.

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