• Looking to see the start of real pay growth
  • Sees large disinflationary pressures from abroad
  • Real wages growth will help get CPI up to target
  • Expects to get CPI back to target in 3 years
  • Rate rises will help get inflation back to target
  • In considering response to low inflation need to remember that rates are at lower bound

At the moment I’m not really seeing anything dovish and that’s being seen in the price action. GBP/USD is down a bit on the cut in forecasts and warnings but the main risks he’s pointed to are from overseas.