BOE's Carney says decision on when to hike will come into sharper focus at the turn of the year

Carney repeats about waiting until year end

Carney arrived at the Bank of England with a reputation as a great communicator but this is another example of how he's not. He's made this comment 3 times now and that's because he wasn't clear the first time.

When he first made the comment about a week ago, it was interpreted as a sign he was signaling a potential rate hike in Dec/Jan.

Now it's clear that the BOE won't even seriously consider it until then and a hike probably won't be until a few months later.

Granted, there's some grey area there but if he was aiming for clarity, he fell well short.

Other comments today from Carney:

• Headwinds to growth are coming from Europe, the strong pound and fiscal adjustments
• "Higher interest rates are likely to be needed over the course of the next few years"
• "The decision as to when to start that process of raising interest rates will likely come into sharper relief around the turn of this year"

What stands out today is the comment on the pound. It could be the start of a period of jawboning from Carney.