…or so said chief economist of Canadian Imperial Bank of Commerce Avery Shenfeld, wrote Mark Gilbert for bloombergview.com last Friday. “When Canada’s Mark Carney became governor of the Bank of England last year, Avery Shenfeld, the chief economist of Canadian Imperial Bank of Commerce, described him to me as the Ringo Starr of central banking: ‘He may not be the best drummer in the world, but he’s joining the best band.'” Gilbert wrote. Gilbert continued, “The U.K. economy is roaring ahead, on track for the fastest growth of any Group of Seven nation this year and with employment climbing at a record pace — and Carney’s drumming skills are about to be sorely tested. Having suggested a year ago that interest rates would probably stay on hold until at least late 2016, he sprung a surprise in his annual Mansion House speech last night: ‘There’s already great speculation about the exact timing of the first rate hike and this decision is becoming more balanced,” he said. “It could happen sooner than markets currently expect.’ So the March or April or May 2015 increase economists and traders had penciled in for the Bank of England’s official rate to climb from its current record low 0.5 percent level becomes a 2014 affair.” Read Mark’s full article here.
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