The head of the Bank of England, speaking in New York, is advocating for a slow steady rise in interest rates. Here’s why.
Mark Carney is the governor of the Bank of England, the UK’s equivalent of the Federal Reserve in the U.S. He is speaking at the Economic Club of New York.
Like his American counterparts, Carney believes a prescription of slow but steady interest rate increases is best for the nation’s growth prospects as the UK prepares to leave the euro zone next year. The BOE also is looking to foster inflation around 2 percent.