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Is Carney Still in Control on Interest Rates Path?

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Mark Carney has recent history on his side as he faces up to the biggest challenge of his leadership of the Bank of England and tries to keep interest rates at their record low.

Speculation mounted last week that the Canadian’s grip on decision-making at the BoE was weakening when chief economist Andy Haldane said he might break ranks and join other dissenters who voted this month for Britain’s first rate hike in a decade.

Sterling rose and yields on two-year British government bonds, which are sensitive to the short-term view on BoE rates, hit their highest levels in seven months on Monday, building on a sharp rise last week.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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