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The Impact of a ‘Personal View’

In my recent Investment Letter that was published last week, I questioned the need for an interest rate rise and also Bank of England governor Mark Carney’s apparently knee-jerk comment during a speech last month at Lincoln Cathedral about raising rates around the turn of the year, in sharp contrast to more vague comments he had made two days earlier.

Sure enough, today, following an inflation report that showed price pressures remained very subdued, he admitted that his speech had reflected only his “personal view”. I’m all for greater transparency, but not if it means greater confusion.

The timing of the first interest rate rise is hugely important for so many people both inside and outside the financial industry.

Perhaps Mr Carney should keep his personal views to himself.

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