TODAY has been upgraded in Britain, by many commentators, from a normal Thursday, to 'super-Thursday'. In times of old, on a Thursday each month the Bank of England's monetary-policy committee (MPC) would publish its decision on whether to change interest rates (they have remained at 0.5% for nearly 80 months). But pundits would have to spend two weeks on tenterhooks before learning why that decision had been reached, since that was when the meeting's minutes were released. And the quarterly inflation report, a detailed economic assessment, would usually be published six days after the initial decision (though only once a quarter).
In the new order, the bank is pumping out all the information in one go. Analysts get treated to the monetary-policy decision, the meeting minutes, 43 pages of the inflation report (excluding the title and contents pages) and a press conference where journalists are allowed one question each (pity the poor hack who almost used up his slot by asking how many questions he was allowed).
Thursday's barrage of information was more dovish than the...Continue reading
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