Mark Carney is going to turn the Bank of England’s drip-feed of information into a fire hose. The succession of releases the Monetary Policy Committee normally provides over two weeks, sometimes whipsawing investors, is about to be condensed to just one day. They will now get immediate access to everything from the latest interest-rate decision to forecasts and how the nine-member panel voted.
While the plans will provide an array of information to help give investors greater clarity on the policy outlook, the challenge for Carney will be ensuring the MPC’s central message doesn’t get lost amid the deluge. That tension is likely to be heightened at the quarterly Inflation Report, when the central view of the MPC may be ignored if the minutes released alongside show a split committee.
“Putting all these announcements together gets rid of a lot of uncertainty and speculation, so full marks to Carney on that,” said Alan Clarke, an economist at Scotiabank in London. “You may still have the same risk, that people get the wrong end of the stick until they get a chance to look at the detail. It may be it takes the market a few days to absorb the message after Super Thursday.”