Comments from the BOE Governor:
- 2021 GDP will recovery strongly to pre-covid levels
- Risks to forecast are to the downside in the first year
- There is uncertainty about the scale of slack in the UK economy
- MPC believes that trade will be lower in H1 2020 due to Brexit
- MPC will focus on medium-term inflation risks, not transitory risks
- Gilt purchase slowdown isn't a change in policy
- Broadbent: 5y5y inflation expectations are only fractionally above long-term average
- UK has lost 2 years of output growth
- UK GDP forecast is 'good news' for the economy
- Broadbent: Big compositional effects and base effects will distort wage growth data in the coming months
- Today's reduction of gilt purchases is not a tapering decision
- Survey evidence signals consumers will spend more
So far we haven't heard anything that will move markets.
