Bloomberg certainly getting their money's worth from hiring this man to speak today

  • risks that inflation will risk above target
  • easy to overstate China impact on UK
  • UK confidence remains robust to turmoil
  • BOE's Nov forecasts to include global slowdown
  • other MPC members are also looking at some of the risks he has identified
  • he is by no means alone on MPC regarding interest rates

McCafferty now back on preferred hawkish tack

  • there is a good debate to be had on rates at the turn of the year
  • global risks to UK haven't crystallized
  • market has over reacted to changing outlook

That's it fella. Keep your head in the sand

Meanwhile BOE gov Carney is talking regulation, banking recruitment, and bonus caps

GBPUSD still around 1.5480 with EURGBP at 0.7350 capping again for the moment