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Business this week

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Print section Print Headline:  Business this week UK Only Article:  standard article Issue:  Jeremy Corbyn: Britain’s most likely next prime minister The Federal Reserve confirmed that it is to unwind the $4.2trn portfolio of Treasury bonds and mortgage-backed securities that it has accumulated since the financial crisis. The Fed will reduce its holdings very slowly, at first by $10bn a month for three months, and then by a further $10bn every quarter to a maximum of $50bn a month. The announcement had been long heralded; markets were not that surprised. See article. A rate rise this year? The pound surged to its highest level against the dollar since the vote in Britain last year to leave the European Union, after a member of the Bank of England’s Monetary Policy Committee said that the “moment was approaching” when interest rates would have to rise. The bank has kept rates low since the financial crisis. But Gertjan Vlieghe, one of the most doveish members of the MPC, thinks record low unemployment, rising wages and robust household spending all indicate that the economy has strengthened. He also pointed out the risks from ...

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