“This was the first policy meeting under new Bank of England governor Mark Carney, the ‘most talented central banker of his generation’ to some, the most overpaid bureaucrat in the world to others. But credit where credit is due. Carney is a marketing genius. Not only when it comes to marketing himself, but also when it comes to selling policy paralysis as strategy. Never before has the phrase ‘What can we do? We can only stick to what we have done for years.’, so effectively been presented as at the BoE’s press conference yesterday. It is now called ‘guidance’, and it evidently requires a specific skill-set.”
http://detlevschlichter.com/2013/07/forward-guidance-nonsense-central-bankers-have-no-choice/
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