Explicit wording sought to jolt market expectations, says Carney

Mark Carney
Mark Carney: “It was a fairly direct message”
Bank of England

The Bank of England was unusually explicit in its communications ahead of the November rate hike, as it sought to wake up markets to the signals it was trying to send, Mark Carney said today (February 21).

The monetary policy committee (MPC) had a long discussion over the appropriate wording, the BoE governor told the UK’s Treasury Committee. MPC members felt the financial markets had been too subdued and were not correctly pricing in the likelihood of a rate hike.

Market participants “couldn

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