, Columnist
Volatile Bonds Are the Price of Unreliable Boyfriends
Investors are entitled to be annoyed with Andrew Bailey after the BOE’s shock decision not to raise interest rates.
The joke may be on Andrew Bailey the next time he tries to jawbone the market.
Photographer: Chris Ratcliffe/Bloomberg
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Central banking, in the final analysis, isn't usually very interesting. If central bankers are doing their job well, and all else is well, then nobody should notice the largely technical decisions they take. Big surprises and battles between hawks and doves are often over-hyped narratives produced by people like me.