Cazenove's Jeffrey: How to deal with discordant policy rhythms

Revisions to growth forecast

The last thing you want to be heard admitting as a central bank governor is there is just the slightest chance you got it wrong.

Rule one in the central-bank handbook: governors never get it wrong. Although, just occasionally, it might be conceded that, in the memorable words of Eric Morecambe, "I'm playing all the right notes - but not necessarily in the right order". Mark Carney, governor of the Bank of England, did not even go this far in his comments during the press conference that accompanied the publication of the February Inflation Report.  The report was noteworthy because it recorded a significant upwards revision to the Monetary Policy Committee's (MPC) growth forecast for 2017 to 2.1% from the 1.4% ...