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Thursday, July 24, 2014

Rates Will Rise When They Rise

Mark Carney, Governor of The Bank of England, is proving to be something of a Delphic Oracle.

He spoke at a business conference in Glasgow and expressed concerns about a housing bubble developing. Yet, in the same speech, he also noted that the Bank was not worried about the house prices themselves but was worried about household debt.

He noted that interest rates will be "materially lower" in the medium term than they have been historically.

When will rates rise?

Carney is quoted by the Telegraph:
The clearest indication of when rates will rise is when they rise.”
I personally do not see them rising before next May's general election.

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