Will the BOE Read Hands Next, Like a Fortune Teller?
Skerdian Meta • 2 min read
The BOE (Bank of England) gang is at the UK parliament right now (or somewhere around Westminster) reporting about inflation and getting grilled by the UK lawmakers. It's the same lawmakers who brought all this uncertainty into the country and who I'm sure would set the place on fire only for minimal political gains.
So the BOE is talking economy with these guys (as if they'd understand). The governor, Mark Carney, told them that the market expects the UK economy to go through a rough period, which the pace of GBP decline suggests. I don't know what the market expects or how things will end up for the UK, but trying to figure out what the market expects when the market itself doesn't know what to expect for the next 24 hours, shows you that he's just mocking them. I'm sure they won't get the joke.
By the way, Carney finally made it official; he's leaving the BOE in June 2019. His first term ends in 2018 and he is entitled another term, but I have had the feeling that he never liked the job, particularly after the Brexit vote. I don't blame the guy; he can't save the country all on his own when there's a bunch of lunatics in the parliament messing everything up whenever given the chance.
He said that he'll stay a year after his first mandate ends out of his sense of responsibility, although that won't change anything. The Brexit process will be long and painful and eventually the UK economy will end up at a much worse position by the end of it. I see that whoever can get out of this mess is doing so and Carney is just another domino falling.