Bailey
- Latest wage data showed quite a marked reduction but not as far as we thought
- Services inflation not compatible with 2% inflation
- We have moved from how restrictive policy needs to be to for how long we need to maintain policy stance
- Latest inflation data is good news, shows more downward pressure than we expected
- This week's data does not really change our view from Feb policy decision
- Downward pressure on inflation quite broad based
- We are now seeing signs of the beginning of a growth pickup
The pound has inched lower on these comments. He's talking about lower inflation but also higher wage growth and a pickup in growth. There's something for everyone here.
