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Carney Revolution

Carney Revolution

Mark Carney yesterday announced a revolution in the way that the Bank of England will release data. No more will we have to suffer the drip-drip effect of interest rate decisions out one day and the minutes out 2 weeks later. No more will we see data coming out slowly and markets having to constantly reverse and change their views. No more will the Monetary Policy Committee suffer the indignity of meeting 12 times a year.

Thanks to Mark Carney this is all about to change. We are in future going to get all the information from the interest rate decision to how the members voted to forecasts all in one go. On the downside, things may get lost in such a large amount of data. On the plus side, the guessing games will end.

In more stunning news from the UK, house prices continued to rise for the 17th consecutive month as the market looks to be regaining momentum after the government tightened lending limitations and the introduction of the “mansion tax”.

In the Eurozone, we moved closer to Quantitative Easing (don’t we always?) as the second round of long term loans came in at €130bn, which was at the lower end of estimates. Of course, this will renew the debate about whether the current stimulus is enough.

In the US, eyes are still on a rate hike after retail sales climbed the most in 8 months and jobless claims fell more than expected.

In Japan, it looks like Prime Minister Abe’s Liberal Democratic Party will gain the ⅔ majority it needs in order to push legislation through both houses. We should probably see a correction on the recent monumental JPY losses on the back of this.

Today we have employment change and industrial production out of the Eurozone and PPI and Michigan Consumer Sentiment from the US.

Have a good weekend!

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