1.

Článek

2.	Vysvětlení některých pojmů

3.	Slovní hry

"On some forecasts America’s Fed Funds rate won’t stop climbing until it hits 5%, while the Bank’s base or “repo” rate will not stop falling before it gets ot 4%. Even shading those numbers back to 4.75% and 4.25% respectively, which is more or less the consensus view, a gap opens up in favour of higher American rates.
What would be the implications of this? In most respects it looks perfectly logical. The US economy has stronger growth and higher inflation than Britain, so why not interest rates that are higher than here?
The fact that this happens so rarely, however, and does not last for very long, makes some people nervous. When America last had higher rates, during 2000 and early in 2001, the pound’s average value was much lower than at present. Instead of the low $1.70s, it was typically in the $1.40s.
The question did not arise in the 1990s. Interest rates converged at the end of the decade but most of the time the cost of borrowing in Britain was far higher.
For the 1980s we have to go back to 1981, and the monetarist experiment of Paul Volcker (Greenspan’s predecessor) for a sustained period when US rates were higher. There may be a lesson there. Sterling had been very strong, above $2.40, but then began a fall that took it almost down to one-for-one parity with the dollar by the mid-1980s. The pound’s weakness prompted several bouts of interest rate hikes."

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