BoE's Greene
- Evidence suggests to me that this weakness is more a question of constrained supply
- I believe it is appropriate to maintain a cautious and gradual approach to removing monetary stimulus
- Considerable risk recovery in productivity growth will remain elusive
- UK may now have lower threshold in which short-term inflation rise feeds through to second round effects
The pound is a touch lower on these comments and down 51 pips to 1.2392 today.
