Commodity prices are falling,crude oil is tumbling, market confidence is crashing – the monetary policy committee‘s next dart will probably be to prick interest rates
The credibility of the monetary policy committee of the Bank of England in general, and that of its governor,Mark Carney, in specific, or is now seriously in question. The concern is that they may have already missed a meaningful downturn. Brent crude has just fallen below $28 a barrel. Commodity prices are tumbling and global markets are approaching bear territory – and there is no sign of a floor. The US and the UK are both slowing fast. But the MPC has been asleep at the wheel. Related: UK unemployment falls but wage growth weakens Continue reading...
Source: theguardian.com