- 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.