Bank of England Governor Mark Carney has given probably the clearest signal that rates aren’t going to rise for another year, and yet many analysts who are paid to predict and track the Bank’s every move seem to be in more of a muddle than ever before.
The Bank of England will produce its quarterly inflation report today. With wage growth still notable by its absence and inflation dropping to just 1.2 percent in September, noises from within the BoE suggest the timing of a first interest rate rise is heading further over the horizon.
It’s ECB day. While the Federal Reserve has called time on its bond-buying and the Bank of Japan decided to create money at a more furious rate, the euro zone central bank will plot the middle course – waiting to gauge the impact of its recent efforts to pump more money into the currency bloc’s economy before entertaining further action.
By this time tomorrow, the anti-EU United Kingdom Independence Party is likely to be celebrating its first member of the Westminster parliament. Polls have just opened in the deprived seaside town of Clacton where the sitting Conservative lawmaker switched to UKIP and called a vote.
Three opinion polls last night all put Scotland’s anti-independence vote at 52 percent, the secession campaign on 48. If accurate, the “Yes” camp will have to move heaven and earth in the next 24 hours to turn the tables despite having dramatically narrowed the gap.