Talking rates
Different members would ascribe different probabilities to likelihood of cuts vs hikes
- MPC did not come to a view in Feb on giving any explicit guidance on future rate moves
- Effect of weaker pound is likely to be largely passed through to fresh fruit & veg
- Some of the costs will be absorbed by manufacturers of processed foodstuffs
- Retail market is very competitive
- Rise in the FTSE since the vote is reflective on the currency effect, improvement in the global economy & resilience of the UK economy at the margin
- 10yr yields have gone sideways since the vote despite the short-term economic momentum and reflation in other global bond markets
- FTSE 250 of domestically focused companies has underperformed other share indices
Once he finishes at the BOE, Carney can get a fruit & veg stall down his local market.
I think (hope) that the hearing is wrapping up now.
What did we learn?
Not a lot really. I doubt your average Brit will sleep sounder at night now.
The four musketeers come through unscathed
