Cable Explodes following BOE

Comments from the BOE meeting this morning

1. CPI inflation is expected to rise quite sharply towards the 2% target in the Spring.
2. Other indicators suggest that Labour market slack has remained higher than implied by the LFS rate.
3. CPI inflation is projected to be close to 2% over the second and third years of the forecast period.
4. A further increase in unemployment is projected over the next few quarters.
5. The average weekly earnings growth has been notably stronger than expected in the November report.
6. See UK GDP +5% in 2021 (Nov. projection: +7.25%).
7. BoE sees UK GDP +7.25% in 2022 (Nov. projection: +6.25%).

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