has been for some time and that has impact on monetary policy
Q&A underway and Carney is asked about thoughts on Tory return to govt
- will make any adjustments needed re fiscal stance when a Budget is presented not what's in party manifesto
GBPUSD has taken a tumble on the less than hawkish tones of the report and rest of it all, so far. No great shock really though surely?
Support into 1.5650 holding so far after earlier data-led rally failed into the 1.5750 res/offers
- productivity remains MPCs most difficult judgement
- productivity to remain below past growth rates
- will grow only modestly over next year
- global growth to be steady, not spectacular
- ECB QE is net positive for UK economy
Nothing new so far but he's sounding rightly cautious
