Carney Presents Forecast While Yellen Testifies: Global Economy

When Bank of England Governor Mark Carney presents his quarterly economic forecasts this week, he faces a challenge similar to that confronting his colleagues at the Federal Reserve: how to convey the probable path of policy as stronger-than-expected economic growth moves up the likely date for reaching thresholds for considering an interest-rate increase.

In the U.S. that test falls to Janet Yellen, who takes center stage on Capitol Hill to deliver her first Fed semi-annual monetary policy report to lawmakers. The first female chairman of the central bank testifies on the economy days after Labor Department figures showed the jobless rate unexpectedly fell, even as payroll growth was slower than forecast.