Monetary Policy Report Update - February 2000

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Information received since the last Monetary Policy Report, released on 17 November, points to a stronger pace of economic expansion in the United States and Europe than was expected at that time, and confirms the hesitant nature of the recovery in Japan. With the further strengthening of global demand, world prices of non-agricultural commodities have continued to bounce back from the lows reached a year ago. This has been particularly true for oil, lumber, and nickel, where production constraints have also been a factor.