Mark Carney in Liverpool

  • Tolerance for above target inflation is limited

  • Getting CPI to 2.0% in 3 years would take 100bps of hikes

  • We need a better mix of monetary & fiscal policy and reforms

  • BOE policy can respond in either direction

  • Uncertainty to cut 1% from UK GDP over next 3 years

  • UK consumption to slow as inflation squeezes incomes

Nothing here we didn't already know.