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Future Bank of England Governor Mark Carney Impresses

Yesterday Mark Carney the current Bank of Canada Governor, and future Bank of England Governor took centre stage.  The Treasury Select Committee (TSC) immediately began with questions about his remuneration and housing allowance; Carney seemed comfortable, calm and collected. Initially sterling rallied following the release of his written answers to questions he had received prior. Mark Carney hinted towards a change in stance from Mervyn King’s current approach, but was respectful that he still in the role. The future Governor showed that he will be bringing his own style and this will differ from the current.

Headlines

RBA Cuts GDP, Inflation Outlook on Currency, Investment -Bloomberg

The European Central Bank left its main interest rate on hold at 0.75%

The Bank of England held interest rates at 0.5% as expected and asset purchases (QE) at £375bn

European Central Bank President Mario Draghi has found his most effective weapon is the sound of his own voice - Bloomberg

The U.S. government is targeting between 5-10 banks for involvement in Interest rate fixing – Marketwatch

China Jan. CPI Rises 2%, Matching Economists’ Estimates - Bloomberg

Apple announced it will consider returning cash to shareholders - CityAM

Administrators for HMV are to close 66 of its stores with an estimated 1000 people being made redundant - Sky News

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