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What is 'forward guidance'?
As Mark Carney settles into his new job, it is natural to ask what kind of change in policy style the new Bank of England governor may herald. Mr Carney faces a UK economy that is still struggling to achieve a sustained recovery, particularly given the prospect of seven more years of government austerity. With the Treasury unable or unwilling to fulfil its usual fiscal role in supporting the economy - via spending - the pressure remains on the monetary authorities to do more. That "more" could come in the form of "forward guidance" - a tool that Mr Carney has shown a penchant for in his previous job heading Canada's ... (full story)
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