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HSBC CEO Calls for Higher Interest Rates

Reuters
Tuesday, 27 May 2008 | 4:30 AM ET

The chief executive of Europe's biggest lender on Tuesday called on central bankers to raise interest rates in order to combat inflation.

Michael Geoghegan, group chief executive at London-based HSBC Holdings, said central banks were not yet committed to taming inflation, and predicted U.S. interest rates would rise after the U.S. presidential election in November.

"Inflation is a long-term problem because there is no long-term will to solve it," Geoghegan said during a speech organised by the Asia Society in Hong Kong.

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