Bank of England (BoE) Governor Mark Carney will appear before the Treasury Select Committee to answer questions pertaining to the central bank’s most recent Inflation Report. He will be joined by Deputy Governor Dave Ramsden and external MPC members Jonathan Haskel and Gertjan Vlieghe. The BoE adopted a more dovish tone at its last monetary policy meeting in early February, as Carney warned that the “fog of Brexit” is creating “tensions” within the economy and volatility in financial markets. Indeed, Brexit uncertainty is likely to dominate the debate. However, Carney may also face questions on the deteriorating external conditions – a factor that impacted the BoE’s recent decision to downgrade its UK economic growth forecast – as well as productivity growth. The BoE has adopted a more sobering view of productivity growth, reflecting recent disappointing developments. Across the Atlantic, Carney’s counterpart at the Fed, Jerome Powell, will testify before the Senate Banking Panel. Powell’s semi-annual testimony will focus on the outlook for the US economy and monetary policy. He will probably reiterate the Fed’s new strategy of patience and data-dependency, justified by recent mixed signals on the US economy and a rise in external downside risks. The panel’s questions will probably focus on the health of the domestic economy and the direction of monetary policy, particularly the Fed’s balance sheet. Elsewhere, consensus expectations suggest that US consumer confidence will bounce back to 124.2 in February, largely reversing the government shutdown-related sentiment shock in January. In addition, a solid labour market and the recent positive tone in the equity market should support consumer confidence.