Behind a Wordy Interest Rate Cut, a Sop to Industrialists

The Bank of Israel had a long list of reasons for its surprise decision, but most of them don’t make any economic sense.

Anyone with a nuanced sense of humor might have been amused Monday, even to the point of laughing out loud, by the Bank of Israel's explanation of why it was lowering its base lending rate from 1.25% to just 1%. The press release does not provide much in the way of exact details, and downplays the major story.