A tale of two halves

As of Saturday, the Bank of England will have been in control of UK overnight interest rates for a decade. In the first half of the period, its record was excellent. But since then, the UK central bank has been having a tougher time. Of course, no one can know what would have happened if rates had stayed under the control the UK Chancellor or the Exchequer, or if the central bank had been given even more independence. But the Bank of England’s results can be compared with those of the US Federa...