- Better to hold rates constant for a time longer
- All MPC members agree next move in rates is likely to be upwards
- CPI outlook justifies no change for now
- Inflation likely to head lower
- Chances of a rate rise before election is pretty slim
- Rises to be limited and gradual
- UK gov unlikely to feel fiscal impact due to fall in oil (with reference to our North Sea oil fields)
- UK bank exposure to Greece is limited
- Greek exit risks to UK relate to markets and confidence
Ian McCafferty was one of the worms (hawks) that turned and is speaking to LBC on the wireless
The comments caught cable snoozing and the slightly dovish (knocking May off the calendar) has sent it lower by 17 odd pips to 1.5416
