Former Bank of England policy maker Adam Posen voiced skepticism that planned changes to a central bank lending program will be sufficient to rein in the U.K.’s house-price boom and said more probably needed to be done.
U.S. and European stocks fell for a fifth day, gold slid and Treasury yields reached the highest level since September as improving economic data fueled bets the Federal Reserve will reduce stimulus. The euro rose as the central bank gave no sign it will start negative deposit rates.
European stocks slid, posting their longest losing streak in five months, as European Central Bank President Mario Draghi said that financial-market developments and low domestic demand may hurt the euro area’s economy.
U.K. Chancellor of the Exchequer George Osborne forecast higher growth and lower borrowing while announcing tax increases for banks and foreign property owners as he prepared the ground for 2015’s general election.