-- John Kemp is a Reuters columnist. The views expressed are his own. --
Commodity prices exhibit a strong cyclical component -- though it can be masked when producers are carrying a lot of excess capacity.
-- John Kemp is a Reuters columnist. The views expressed are his own --
The Bank of England's decision to continue with its asset purchase programme, or quantitative easing (QE), at the rate of 50 billion pounds per quarter in Oct-Dec, unchanged from Jul-Sep, shows bank officials are more worried about ending support for the recovery too soon than about risking inflation by leaving it too late.