- Looking at wages, margins and labour market tightness
- To a large extent, we will have to look through inflationary impact of government budget
- Gradual reduction in interest rates is conditional
- Political developments in the US and Germany do pose some questions
Nothing there that hasn't been said by Bailey already yesterday. There continues to be the emphasis on the term "gradual" from the statement but it really just means they can cut rates or choose to hold, if they wish, at the subsequent meeting(s).
