- Economic growth and spending in H2 were stronger than forecast
- Economy didn't cool as much as expected in H2
- Lower gasoline prices are welcome but prices of essentials continue to rise too quickly
- If we need to do more to get inflation to 2% target, we will
- The full effect of rate hikes is still to be felt
- Overall we view the risks to inflation as balanced
There haven't been any surprises so far. The conditional commitment to holding rates is what you would expect.
Comments in the Q&A:
- If we see an accumulation of evidence that inflation isn't coming down, we'll act. This won't be based on one indicator
- Rogers: The housing market is evolving broadly in line with our expectations. House prices have come down from extreme levels
- Rogers: We do expect housing to come back, in part due to immigration
- Rogers: We think there is a little bit further to go for the housing market to come down
- Asked about October rate cut priced in, says it's far too early to be talking about cuts
- China reopening rapidly could present upside risks to commodity prices and global inflation
- Investment earnings losses are a temporary problem
- We don't run monetary policy with a profit motive in mind
- Wage growth looks to have plateaued in 4-5% range
- The economy "is not gonna feel good" in the next few months but we need to rebalance
