Surveillance: Central Bank Roundup with Posen
Bloomberg Surveillance
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The Bank of England's Failed Research Program
The Bank of England MPC majority, the governor have kept talking as though they weren't going to have to raise rates that much. It never made any sense that the UK was going to end up with a lower terminal rate for its central bank tightening than the Fed or the ECB. There's a blistering essay this morning on the telegraph from Amber Severns-Pritchard, hugely controversial. But within it, Dr. Pozen alludes to Emery Laccato's idea a half a century ago of a research program and boy, you're going to stick with your research program right or wrong. Does the Bank of England have a flawed research program and do they need
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