Nice Start, Mark
Sterling down 1%, a shade under 1% up on the equity markets. And it’s only his fourth day! (I’d love to see how the breakevens moved.)
I’m sure much will be made of Carney’s
choice of tie colour vote in this meeting, but it is totally irrelevant – in fact I’d be surprised if he voted to extend QE. The MPC just eased UK monetary policy without extending QE. We see time and time again that it is perceptions of the central bank’s own definition of “responsible monetary policy” which matter to expectations – this is why words are a central banker’s most powerful “tool”, contra Tim Duy.
(Sorry, I only managed to stay away for a single month.)