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As a key benchmark issue, the auction will signal the onshore expectation for interest rate direction in the near term.
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The dollar rose sharply ahead of Mr Greenspan's testimony, in the expectation that he would hint at more interest-rate rises to come as indeed he did.
ECONOMIST: Greenspan’s last words? | The
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In New Jersey, bids start at 18% interest with the expectation that the public, competitive bidding will reduce that rate.
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Yet much of this relief is based on a single expectation: that the Fed will cut interest rates soon, perhaps even before its next rate-setting meeting on September 18th.
ECONOMIST: Monetary policy
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As Michael Saunders, at Citi, points out, the "market forecast" for interest rates, which is built into the Bank's inflation charts, now includes an expectation that bank rate will be cut one more time, to 0.25%, in 2013.
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