- High frequency indicators of momentum in wage developments appear to be easing
- Still expect CPI inflation to fall in Q2 as energy comps roll over
- Aggregate lending measures have slowed down only slightly
- Consistent with MPC expectations of a tight labour market, the unemployment rate has remained near low levels
- Staff continue to expect GDP to decline by 0.1% in Q1
- Expects China to rebound quite strongly, will account of one-third of global growth
- Latest data is 'somewhat disappointing' but much better than BOE forecasts from late last year
The outlook for the UK right now isn't great but that's arguably already priced into GBP .