The earnings data may encourage the Bank of England to hold off from cutting interest rates in the immediate future as March while it seeks sustained clear evidence that the pay settlements for 2006 are remaining contained (the early signs are that wage moderation is continuing). However, we believe that interest rates are likely to be trimmed by a further 25 basis points by May.
More Quotes from Howard Archer:
This significantly reduces the prospects of any interest cut until at least August. Indeed, it increases the odds that the eventual next move in interest rates could be up.Howard Archer
This underpins our belief that the Bank of England is too optimistic on the growth outlook and will eventually end up trimming interest rates by a further 25 basis points.
Howard Archer
We believe house price increases will be relatively muted over the coming months, given affordability constraints, increased debt levels and muted earnings growth.
Howard Archer
This is still a pretty benign report overall and broadly in line with Bank of England expectations contained in the February Inflation Report.
Howard Archer
The limited correction in the Halifax house price index in January following the marked rises during the latter months of 2005 reinforces our strong doubts that house prices will see sustained sharp rises over the coming months.
Howard Archer
Consumer credit growth was again relatively muted in September, pointing to continuing consumer caution,
Howard Archer
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