However, there is no consensus yet on whether the recent problems in the US subprime markets will push the US economy into a mild slowdown or usher in a recession. Either way, a weaker US economy is expected to slow down global growth, although growth in emerging markets could temper this.
We are often asked if we follow the world interest rate cycle. There is not a simple interest rate cycle. Interest rates in the United States, the United Kingdom and the euro area have not followed exactly the same path. We do not and cannot slavishly follow international interest rate developments.