A tricky juggling act for Mark Carney

Today’s stellar jobs figures are fantastic news, not least for the 280,000 people who found work between September and November — a jaw-dropping pace of growth.

But for the Bank’s forward guidance it’s trickier as the 7% target looms large. It’s hard to see what the Bank can do. Let the guidance drop at 7% and call time after an embarrassingly short lifespan? Or press on with tweaks to the threshold and risk tearing them up again just a few months later and confusing the market?

There will be a few hard conversations in Threadneedle Street at the moment. Certainly the Bank has a communications challenge on its hands to get out of a pickle of its own making.