It raises taxes by moving the top rate to 35 percent.

The market moved again, to 4.5 to 4.75 percent.

The union, the official said, had discussed moving from 22.5 percent to 31 percent.

In recent weeks, the bill rate has moved from 5.90 percent to 5.65 percent.

Youth unemployment moved up 0.2 percentage point in July to 14.1 percent.

That's a concern, particularly when we see law and medical schools moving to 50 percent or more in terms of female attendance.

So far this year, the central bank has moved its main overnight rate up three times, from 2 percent, to 2.75 percent.

"We could see growth moving to 5.5 percent or 6 percent next year," he said.

But with higher tax rates he expects that the threshold level for the ratio could move to 75 percent or lower.

At the close, the funds rate moved back up to 9 1/4 percent.