Cause and effect is what matters for traders. Markets are starting to factor in the lessening of impact for words coming from Central Bankers.
Effect of words spoken by Administrative and Legislative Branches of Government however are starting to matter. Legislatures in particular who have abdicated Authority to the Central Banks when it came to economic impacts of decisions are going to get forced into at long last doing their jobs as time progresses.
Government is going to be faced with need to do something other then just running for Office so as to get re-elected.
In this instance for example, Carney just does not move the GBP as much as he used to. Market focus is on what spills out of 10 Downing and Parliament.
Starting to happen in the US. To a small degree also starting to happen in the EU where member countries are taking positions contrary to Brussels.
Hanging on every utterance by a Central Banker not what it used to be.
It amazes me how Squawk alerts are republished here as breaking news, behind the actual media release..without any explanation as to source verification or validation. In some cases the breaking news is based on source.. like a parliamentary committee hearing thats in the public domain live.. and in others like this, its a media story based on a leak from a cabinet briefing. To trade fundamentals its essential to know and validate the source of all news not just the media quoted by the news aggregator (ie NewsStand) .
It also essential to read/listen/view the original source, to ensure that the media break is not a spin on a more complex or nuanced message.
In this case we have a leak of a 30 minute private briefing to UK cabinet yesterday.
Not an public statement by Carney or BoE.
Is it not politic for BoE to be seen to interfere with the political process however when requested by Cabinet in private to provide expert advice its in incumbent on the Governor to be candid.
This leak did not come from Carney or BoE, but from Cabinet sources. And its not been denied? so its reasonable to treat as a valid analysis.
What is this guy doing in charge of the BofE? Total muppet.
The only thing he has got right is that house prices are going to tumble but it has nothing to do with brexit. Look at the emerging markets, with Argentina in the shit, Turkey,Brazil,Venezuala, and closer to home within the EU, Italy there is going to be one big banking collapse contagion that will kick brexit news to the back of the queue.
Listen up buddy, we didn't listen to Napoleon, we didn't listen to Hitler and we are not listening to you, we , the UK, do not scare easy (all wars won in the past 1,000 years, I wonder why) so I don't think we'll be listening to a snivelling little turd from a backwater country telling us our own business. Goodbye