Preview: BoE hawks doused by GDP data
- Excess demand and inflation are applying hawkish pressures to the MPC that might not normally be tolerable. The MPC’s hawkish message in May has been ignored in favour of loosening monetary conditions even further.- Temporary disruption to output in April has hit the prospects for 2Q19 heavily. Until the rebound is seen, the MPC is likely to remain cautious and resist the sort of significant strengthening in its hawkish guidance that I’d previously expected.
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