Better a lucky governor than one who's always right. At least, that's what Mark Carney will be hoping for as he faces politicians on Tuesday – almost a year to the day since he took over as Bank of England Governor.
After all, the Treasury Select Committee could find plenty of things to quiz Carney about. A starter for 10 would be his scattergun communication record on interest rates. His volte face on rates this month caused short-term borrowing costs to spike in the biggest one-day jump since 2009, back when the U.K. was in the midst of a financial crisis.
The Monetary Policy Committee minutes may say the Bank was surprised a rate rise hadn't been factored in earlier – but most participants would argue they had simply trusted the governor.
But it's not just Carney's credibility in the bond market that's at question. The governor got it wrong on his unemployment target, on the pace of recovery in the U.K., and his fuzzy guidance has been, well, fuzzy, testing the patience of politicians and borrowers alike.