UK: BoE confronted by irrepressible consumers
- UK retail sales surged further above trend in Mar-19, and now raise upside risks to my already bullish 1Q19 GDP growth forecast of 0.5% q-o-q.- Acute Brexit uncertainty previously presented a high option value of delay, and the BoE did so while pointing to soft survey signals. Hard data have shrugged off the uncertainty shock in spectacular style, and the BoE should do the same soon.
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