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Rolling coverage of the latest economic and financial newsOver in Reykjavik, Iceland’s central bank has announced a sharp cut to interest rates.The Monetary Policy Committee (MPC) of the Central Bank of Iceland has voted unanimously to lower its key interest rate by half a percentage point, from 8.5% to 8%.Demand growth has subsided in line with a tight monetary stance, and the positive output gap in the economy is narrowing. Housing market activity has eased, and house price inflation has lost pace. There are signs that economic activity is stronger than preliminary national accounts figures imply, however, and wage costs continue to rise.Although inflation has eased and inflation expectations have fallen, inflation pressures remain, which calls for a continued tight monetary stance and caution regarding decisions going forward. This is compounded by elevated global economic uncertainty.We are increasing and prioritising R&D investment to promising new long-acting and specialty medicines in respiratory, immunology & inflammation, oncology and HIV. Continue reading...
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Rolling coverage of the latest economic and financial news
Over in Reykjavik, Iceland’s central bank has announced a sharp cut to interest rates.
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has voted unanimously to lower its key interest rate by half a percentage point, from 8.5% to 8%.
Demand growth has subsided in line with a tight monetary stance, and the positive output gap in the economy is narrowing. Housing market activity has eased, and house price inflation has lost pace. There are signs that economic activity is stronger than preliminary national accounts figures imply, however, and wage costs continue to rise.
Although inflation has eased and inflation expectations have fallen, inflation pressures remain, which calls for a continued tight monetary stance and caution regarding decisions going forward. This is compounded by elevated global economic uncertainty.
We are increasing and prioritising R&D investment to promising new long-acting and specialty medicines in respiratory, immunology & inflammation, oncology and HIV.
Continue reading...
