On June 20, 2007, John Authers, investment editor of the Financial Times, wrote thefollowing in his column "The Short View":

"The Bank of England published minutes showing that only the narrowest possible margin, 5-4, voted down [an interest] rate hike last month. Nobody foresaw this...The news took sterling back above $1.99, and to a 15-year high against the yen."

Post a response that answers the following:

How would you explain the logic of Authers' statement? Interest rates in the United Kingdom had remained unchanged in the weeks since the vote and were still unchanged after the minutes were released. What news was contained in the minutes that caused traders to react? Explain using the asset approach.