Bank of England's Michael Saunders speaks in London 13 January 2016
If wages give a clear warning signals in the coming months the implications for monetary policy are obvious (That's a hawkish comment)
Weak sterling means inflation is likely to rise above 2%
Lower equilibrium unemployment rate does not necessarily imply loose policy or rule out a rate hike
Equilibrium unemployment may not be below 5%
Labour costs are unlikely to give inflation a major boost in 2017
It's possible unemployment will stay below 5% in 2017 and not rise as forecast in Nov
Overall some hawkish tones. That hawkish comment on wages is softened with the comment on labour costs.
