FLASH: BoE sees gloom before room to raise rates
- The MPC was unanimous in leaving policy unchanged again in Feb-19, as expected.- Downgrades to demand projections seem excessive, in my view, with too much weight put on soft surveys. Inflation is forecast weaker in the short-term, owing to energy, but is revised up through the policy-relevant medium-term.
- Inconsistent assumptions around Brexit were explored in an Inflation Report box, where the net effect of uncertainty and sterling was ambiguous for policy. A rate hike after withdrawal negotiations resolve still looks likely.
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