by Pam Martens, Wall Street on Parade:
The head of the Bank of England (BOE), Mark Carney, who also chairs the G20’s Financial Stability Board, has a very different view from the U.S. Fed on how to exit stimulus programs. Carney is credited with successfully guiding Canada, where he previously served as head of the central bank, through the worst of the global financial crisis from 2008 to 2010. Does Carney know something that monetary policy wonks in the U.S. don’t or does the Fed know something the rest of us don’t?
In her debut press conference yesterday after taking the reins at the Federal Reserve Board of Governors on February 3 of this year, Janet Yellen jolted markets with the assessment that the Fed’s mammoth, monthly bond buying program, known as quantitative easing (QE), might end as early as this fall. Then, when asked how long after that the Fed might wait before it raised interest rates, Yellen said “it probably means something on the order of six months or that type of thing.”
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