• BOE says chances of CPI being above or below 2% in medium term are “roughtly equal”
  • BOE assumes rates at 0.8% in Q4, 1% in Q1 2012, rising to 2% in Q1 2013
  • Sees annual GDP growth at just below 2.9% in Q2 2013, broadly steady at this level afterwards but lower than February forecast
  • Sees good chance CPI will reach 5% later in 2011, more likely than not to exceed 2% throughout 2012
  • Higher commodity prices and impact on utility bills major factor in raising inflation forecast from February
  • Likely to be some pick up in underlying growth in 2011, but less than forecast in February
  • Temporary factors such as Royal Wedding holiday, Japanese quake likely to add volatility to quarterly GDP
  • Range of views on MPC wider than usual on CPI outlook
  • Roughly 3 in 4 chance that CPI will be at least 0.5% points away from target in medium term
  • Business surveys and employment data suggest underlying growth stronger than official output data shows, GDP likely underestimated

All about the inflation, not overly worried about growth seemingly. Got that round my neck. Cable sees decent gains, presently up at 1.6475.

The Giant Panda did well though

;)