Bailey says it feels a bit like the darkest hour before the dawn
- Our best guess is GDP over Q4 was flat to slightly down
- We have very little evidence of scale of economic impact of latest lockdown
- Mobility indicators are down more than in autumn, but less than in spring
- Expects Q1 output to be weaker than November forecasts
A couple of trivial remarks so far by Bailey. However, it does allude to some hints that the BOE acknowledges that economic conditions are slowing but not quite to the point that it forces their hand to ease further in the immediate future.
