Morning Brief – IMF

Humphrey Percy
Chairman and Founder
Wed 12 Apr 2023


The International Monetary Fund pronounced in a popular way for a change yesterday, announcing that interest rates would only remain high for a short time and indeed the level of interest rates would revert to pre-pandemic levels. No mention of when that might be, but nevertheless providing some cheer. Naysayers might understandably point out that the reason that interest rates were at such low levels pre-pandemic was because there was a concerted effort to rescue the world from the 2008 global financial crisis and that rates were abnormally low to achieve that. Therefore interest rates are not going to revert to what was not the norm. Also inflation targeting is in the process of being adjusted up from the previous 2% level globally in developed economies to a range of 3.0 to 3.5%. Far be it from us, of course, to rain on the normally miserable IMF’s parade.

GBP/USD 1.2440.

Most expensive UK Seaside Resort

For many years Sandbanks in Dorset held this title, but following Bournemouth Council’s willingness to allow high rise apartment blocks and the successive easing of planning restrictions resulting in ever more intensive building, Sandbanks has been edged out by Salcombe, Devon which has an average house price of GBP 1.2 million. At the other end of the scale is Newbiggin-By-The Sea in Northumberland where the average house price is GBP 117 K.

Spanish High

3000 years ago Spanish people were getting high on hallucinogenic drugs and partying on the Balearic island of Menorca. That’s progress for you: it’s taken 3000 years for the Spanish party scene to shift a few miles away to the island of Ibiza.

EUR/USD 1.0910.


A further sign that China is indeed emerging from a Covid induced contraction in its economy: an unprecedented recruitment drive of airline stewardesses. Airlines are returning to previous levels of activity and are short of staff while at the same time there is a surfeit of university graduates with no jobs. Lured by the high pay, training and opportunity for travel, airlines are besieged by applications. Come fly with me.

USD/CNY 6.8850.

Dancing in the Street

It was this day in 2006 that the Martha and the Vandellas version of this song was announced as one of the 50 songs that should be preserved by the Library of Congress to the US National Recording Registry. Written by Marvin Gaye in 1964 it quickly became popular and stayed popular.

Callin’ out around the world
Are you ready for a brand new beat
Summer’s here and the time is right
For dancing in the street

They’re dancing in Chicago (dancing in the street)
Down in New Orleans (dancing in the street)
In New York City (dancing in the street)
All we need is music, sweet music
There’ll be music everywhere

There’ll be swingin’ and swayin’ and records playing
Dancing in the street

Oh it doesn’t matter what you wear
Just as long as you are there
So come on ev’ry guy grab a girl
Everywhere around the world

There’ll be dancing (dancing in the street)
They’re dancing in the street
Dancing in the street

It’s just an invitation across the nation
A chance for folks to meet
There’ll be laughing, singing and music swinging
Dancing in the street

Philadelphia, PA (dancing in the street)
Baltimore and D.C. now (dancing in the street)
Can’t forget the Motor City (dancing in the street)

All we need is music, sweet music
There’ll be music everywhere
There’ll be swingin’, swayin’ and records playing
And dancing in the street

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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