Concerns over (higher energy prices) feeding into higher wages have so far not materialized, which has dampened the risk of a rise in inflation expectations.
More Quotes from Michael Penn:
There is a real difference in mentality. Consumers from poorer European countries are more cautious and tend to save more and borrow less.Michael Penn
Retail sales have shown tentative signs of a modest recovery from weak levels, but in our view a continuing threat remains the weakness of the labor market ... which may slow the pace of consumer spending.
Michael Penn
We think the risks are that activity will pick up rather more slowly than the bank expects. In this environment risks to rates are lying on the downside in our view, and we continue to expect a 25 basis point rate cut in May.
Michael Penn
Over all, the picture for the consumer in the U.K. does remain quite weak.
Michael Penn
Koizumi indicated clearly that he intends to step down next year. I have no reason to doubt his word. For better or worse, he tends to do what he says he is going to do.
Michael Penn
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