Comments by BOE policymaker, Jonathan Haskel
- That may see an undershoot on inflation target
- Evidence is emerging that the dominant driver of fall in activity will be on the demand side, not the supply side
- Path of recovery crucially depends on fear of the virus
- Also depends on the fear - or realisation - of unemployment
A couple of token remarks but it continues to just reaffirm that the BOE is in a wait-and-see mode in gauging the economic recovery before doing much else. The headline comment can basically be applied to all central banks right now.
The data from May to June - and parts of July - have been positive, but they mainly reaffirm that we have moved on from the bottom seen in April. As for a consistent and more significant pickup in the recovery, that remains a question mark until Q4 perhaps.
