- “Not helpful” that UK’s real exchange rate has appreciated over last year or so
- More large-scale asset purchases less likely as deflation risks fall
- BOE likely to need to do more QE to maintain current mon pol stance
- “Flickering” signs of UK recovery but 2013 growth will be “laborious”
Hinting at more QE but not too much more QE. Slightly dovish but not meaningfully so.
