Wood-Smith: No rate rise until late 2015

The Bank of England will not hike interest rates until well in to 2015 at the earliest, according to Hawksmoor Investment Management's head of research, Jim Wood-Smith.

In his first market commentary since joining Hawksmoor from Investec Wealth & Investment, Wood-Smith (pictured) argued the case for a delayed rate rise, saying markets have been too quick to second guess an imminent policy move.  He said the messages from of BoE and the Federal Reserve have been very clear for some time – they will look to tighten policy only when they are sure the economies have experienced a sufficient recovery. “It is unclear what lessons have been learned from the markets’ chastisement of Ben Bernanke last summer for musing publically about tapering,” he said. “I ...