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Mark Carney, the Ringo Starr of Central Banking
When Canada's Mark Carney became governor of the Bank of England last year, Avery Shenfeld, the chief economist of Canadian Imperial Bank of Commerce, described him to me as the Ringo Starr of central banking: "He may not be the best drummer in the world, but he's joining the best band." The U.K. economy is roaring ahead, on track for the fastest growth of any Group of Seven nation this year and with employment climbing at a record pace -- and Carney's drumming skills are about to be sorely tested. Having suggested a year ago that interest rates would probably stay on hold until at least late 2016, he sprung a ... (full story)
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