Average earnings growth was far softer than anticipated. It remained at 3.5 ... and is well below the 4.5 rate that the Bank of England has in the past considered compatible with its inflation forecast.
More Quotes from James Knightley:
Euro-zone data flow this morning will encourage further hawkish rhetoric from the ECB.James Knightley
Inflationary pressures are gradually easing, which should offer scope for interest rate cuts, but near-term relative economic strength has led us to pencil in the first cut coming in May rather than in the first quarter.
James Knightley
Today's data is very weak, which adds to our concern about the prospects for consumer activity and the housing market in the months ahead.
James Knightley
The (confidence) report will offer further support for the bond bears and help to push up rate hike expectations, as will news that existing home sales were stronger than expected.
James Knightley
We're probably going to get two members who go for a cut. The data isn't pointing in one direction enough for the rest of the committee to go with them just yet.
James Knightley
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