Quite a long list as you can imagine. But here it’s specifically on interest rates:
Larry Elliott has noted in the Guardian this morning that 10-year gilts are edging towards a 3% interest rate and the pound is rising against the dollar and the euro.
OK, long term interest rates are rising.
But with the City paying more heed to evidence of an incipient housing boom than to Carney’s forward guidance, it is at a loss as to what to do next.
OK, markets doing what markets do, look forward.
And the next best question is who will be brave enough to get us out of it again – by bringing interest rates back under Treasury control so that integrated economic policy can play its proper role in national life again?
And the solution is for interest rates to be set by the Treasury, not the Bank of England.
Apparently the Murphmeister is completely unaware that the markets have always set long term interest rates. The BoE (or Treasury) has only ever had control of short term interest rates. Switching control of said short term rates back to the politicians ain’t gonna change the way that long term rates are set.