On the “duh” side of non-revelations, Bank of England says Rates Could Rise or Fall.

That actually made headline news on the BBC. There was one curious detail.

The next move in UK interest rates could be up or down, Bank of England governor Mark Carney has again warned.

At present, UK households appeared to be “entirely looking through Brexit-related uncertainties”, he said in a speech at the London School of Economics.

However, the country was “entering a period of somewhat higher consumer price inflation”, he added.

As a result, monetary policy could respond “in either direction”.

Got that?

The UK is going to have “somewhat higher inflation” and as a result monetary policy can go “in either direction”.

Say what?

Mish Translation

Carney’s statement is best translated as “we will do what the F we want without reason.

That should not be a revelation either, but had Carney stated things that precisely, the world would have been shocked.

Mike “Mish” Shedlock