By itself, a mere turn in the interest-rate cycle would not be devastating for shares.
Deutsche Bank says the main risk to gold prices would be a turn in the U.S. interest-rate cycle and end to negative real interest rates.
The central bank keeps its independence from government and does not have to worry about selling bonds back into the market once the interest-rate cycle turns.
Until earlier this month the Bank of England had been engaged in a cycle of interest rate tightening, which saw the cost of borrowing hit a high of 4.75%, in turn leading to higher repayments for mortgage holders.
MPC, together with Mr King's prominence as a dissenting voice, reinforces the view that the reduction in rates to 4.5% in early August might be the Bank's first and last cut in this phase of the interest-rate cycle.
The remarks buoyed investor hopes that the central bank's cycle of 17 interest rate hikes is near an end.
We still believe that the real cost of capital is too low, and hence expect a long drawn out rate hiking cycle into 2012.
Observers of America's Federal Reserve picked over the minutes of November's Federal Open Market Committee meeting and predicted that the central bank will soon end its cycle of interest-rate rises.
Traders suggest that the Fed's indication that it may be nearing the end of its cycle of interest-rate increases will probably make the volatility and trading volume jump even more.
Managements at NLY and ANH have been battle-tested through several rate and credit cycles, but newer entrants have only had to endure the Credit Crisis of 2008-09 and not a prolonged Fed rate hiking cycle.
Deliveries to airlines that ordered new planes near the top of the cycle are running at a rate of about 100 a month and will continue at that pace well into next year because the penalties for late cancellation are so high.
In the 53rd month of the housing boom-bust cycle the year-over-year rate of monetary inflation was a smallish and quickly decelerating 5.3%.
The first chart plots the year-over-year rate of change in TMS2, cycle trough to trough.
Early in the sales cycle when price came up I would quote rate card prices including standard volume discounts.
But strong wording also indicated that at least one or two more rate increases can be expected before the cycle turns.
Much of that feeble growth will come from a turnaround in the inventory cycle as companies stop de-stocking at the scary rate that exacerbated the recession in 2009.
The fact that people have used industrial chemistry to short-circuit the nitrogen cycle, by making fertilisers out of nitrogen in the air at a rate which greatly exceeds what natural systems can manage, has real environmental effects.
The morning papers say that Mr. Trichet, President of the ECB, is poised to raise the policy rate later this week for the second time in the present cycle, but the European economy has slowed since his first tightening move, making the timing more awkward.
At 7.9%, the euro zone's unemployment rate is roughly where it was at the peak of the last cycle, in late 2000.
By applying those rates to the percentages of issues in the two categories, then making an adjustment involving the phase of the default cycle, we calculate that the market is currently priced to a 6% default rate.
He reckons that starting from current levels of volatility, eliminating the business cycle would increase average well-being by the equivalent of a fall in the unemployment rate of only 0.2 percentage points.
Summers said gross margin improvements did not grow "meaningfully" along with the rate of generic sales, and believes it will slow down as the generic sales cycle rolls off.
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