Stateside, the debate over whether the Fed has permanently put interest rate rise on hold, or has merely paused for breath, rages on.

When the minutes of the last meeting, in which the Fed chose to end the run of upping rates for 17 successive meetings, were unveiled, there was one dissenter.

Fed rate setting committee member Jeffrey Lacker voted for a rise, and yesterday he told the world why. In a TV interview he said: “The risk of raising rates at that meeting for lower real growth was not appreciable and, moreover, I didn’t think real growth moderating – as it’s likely to over the next couple of quarters – was going, by itself, to bring inflation down.” He added: “I think there is a danger of inflation becoming entrenched at the level it is now.”

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