BOE: buying time to see if data turns around

BOE to buy time until August

Bloomberg article out with an excellent perspective:

• BOE buying time until August to see if indicators improve
• Problem for BOE is that is a big ask since (see below)
• There is a big list of recent data misses: Halifax, RICS, retail sales, PMI's (April composite PMI strengthen from March , but missed estimates signalling Q2 is not off to a good start.

Ok, so all good points. The takeaway line is that the BOE is going to be data dependent going forward. That much is clear. The start to Q1 has been bad, so a turnaround being a big ask is a good point too.