Although it is clear the Bank is planning to keep rates on hold for now, our view is the MPC is still too optimistic on growth.
More Quotes from Philip Shaw:
such a modest increase in unemployment is unlikely to have any impact on consumer confidence or affect consumer spending.Philip Shaw
The main point though is that output growth has now been below trend for five quarters and we can't see that changing over the next year or so,
Philip Shaw
The figures are significantly better than expected and may call into question whether the MPC will raise interest rates at its July meeting. Clearly there are no inflationary pressures in the near term.
Philip Shaw
This was extraordinarily weak, even taking into account the seasonal unreliability of the data.
Philip Shaw
Everybody's looking toward consumer confidence in the States tomorrow, followed by other data later in the week.
Philip Shaw
The figures are better than expected and although petrol prices have come down, there is an improvement in core rate of inflation.
Philip Shaw
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