I posted earlier on the likelihood of a Bank of England rate cut coming up this week
The Financial Times have a similar article, here (may be gated): BoE set to cut rates to avert predicted Brexit slowdown
A small snippet from the piece is a good reminder of something to watch for (bolding for emphasis is mine):
- Hard economic data ... will not be available until September and even survey evidence on business plans will not be published until August. For now, the MPC must rely on reports it receives from the Bank's agents around the country, combined with other, less reliable, public information that has started to emerge...
- During the financial crisis in 2008, reports from the Bank's regional agents were one of the earliest signs that the economy was entering recession. The MPC meeting minutes on Thursday may provide an indication of what messages the Bank is receiving.
After just 3 weeks (since the vote, the MPC meet July 14, the vote was June 23) it may still be too early to get too much from these sources, but something to keep an eye on nonetheless.
