• Global indicators have been moribund
  • Important to keep these developments in perspective when assessing UK prospects
  • Seeing first tentative signs of wage growth
  • Sees annual real wage growth of around 2% by end of 2015
  • Investment is strong even with weaker outlook than August
  • Economy will continue path to normalisation
  • Near term CPI outlook i materially lower than August,
  • Lower inflation driven by lower imported commodity prices and weak demand
  • Inflation to run close to 1.0% in 2015, slowly returning to 2.0% target, risks are broadly balanced
  • GBP appreciation has subtracted about 0.75% off of CPI
  • Path for bank rate will depend on how clear risks to outlook evolve
  • Rates will rise gradually and will remain low for a long time
  • Appropriate that markets now expect somewhat easier monetary conditions than 3 months ago
  • Tightening of mon pol remains in prospect

The line I was looking for, they want rates up.