With wage inflation still surprisingly muted and an ongoing squeeze on households' disposable incomes from higher energy costs, second-round inflation is likely to remain largely absent, allowing some further modest policy easing.
More Quotes from Ross Walker:
The big picture is essentially unaltered. It's a solid start to 2006 for the UK service sector.Ross Walker
When you've got inflation rising above the bank's target it reinforces the view that we don't need more rate cuts this year.
Ross Walker
Of the Group of Seven economies the UK is in the best shape but there is a risk to the downside, ... There's not much data post September 11. A quarter point cut as a precautionary measure will not be too much of a risk.
Ross Walker
If the recent trends of muted wage inflation, deteriorating employment and industrial recession persist, we would expect the current downside monetary policy bias to translate into a cut in base rates. Our forecast is for one more quarter point reduction, in May.
Ross Walker
Manufacturing is showing a few signs of improvement. It isn't acting as a drag on overall growth, making it easier for the Bank to leave rates on hold for now.
Ross Walker
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