Mark Carney's Central Bank Mission Creep

No matter how governor Mark Carney dresses it up, imposing caps on mortgage lending amounts to explicit asset-price intervention by a central bank.
I spy with my little eye something beginning with bubble.                                      

No matter how Governor Mark Carney dresses it up, the Bank of England's decision today to impose caps on mortgage lending amounts to an explicit effort by the central bank to manage asset prices. It's also a reminder that while U.K. house prices are surging, the flip side of the affordability calculation -- wage growth -- is the real problem.

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