This lunchtime, the Bank of England releases three core items of economic data:
- The Bank’s quarterly Inflation Report
- A decision on interest rate levels in the UK
- The minutes of the Monetary Policy Committee (MPC) – the meeting at which the latter decision was made
Larry Elliott, economics editor of The Guardian has called Super Thursday a “data dump”. So, what does this information overload mean for households and businesses alike? Well, Mark Carney’s idea behind this off load of information is that it will make the Bank’s decision making process more transparent, accountable and predictable. We’ll be able to understand what the Bank of England is planning and plan accordingly.
However, this reform has been met with limited enthusiasm, with many believing that such an influx of information will actually make it harder not easier to understand the Bank’s thinking. JP Morgan has predicted that as many as three MPC members will have voted in favour of an immediate rate hike, with the preferred market timing likely to be February 2016.
Only time will tell what lies ahead. Roll on 12 noon.