Fed helps Bank with rate study

The Bank of England, the UK central bank, has commissioned an investigation by a senior official of the US Federal Reserve to assess the way it sets interest rates, says an article in today's Financial Times.

The study by Don Kohn, head of monetary affairs at the Fed, has been presented to the Bank's Court - its board of directors - and will be published next week. The Bank took the highly unusual step of inviting in an outsider to review its procedures last year, after pressure from the non