BOE governor Carney still in front of the Treasury Select Committee 24 May 2016

Nothing new in this headline

  • Brexit would lower the probability that next rate move would be up
  • exchange rate would do a lot of the work to increase inflation
  • correct response to Brexit isn't necessarily easing

Carney still hedging his bets.

Weale:

  • Unlikely that MPC will have a good sense of where exchange rate is settling, or full impact on demand at first BOE rate meeting after referendum

Note that last comment. No knee-jerk reaction expected.

Meanwhile GBPUSD 1.4578 EURGBP 0.7670

LARGER ICE BUCKET PLEASE!!!