No friends for poor Adam

:(

Public finances data pretty grotty.

  • Most MPC members thought it increasingly likely that more QE would be warranted at some point. Decision on QE in September was finely balanced for most MPC members (this and data pressuring cable)
  • For some members, continuation of trends seen in August would be enough to justify more QE
  • Downside risk to inflation clearly increased, growth to be materially weaker in H2 than forecast in August
  • MPC discussed other options to ease if needed, none preferable to asset purchases at this point