BOE MPC's Weale now in the Q&A stage of his speech 18 July 2016

  • it's possible that with very low interest rates the impact of QE is weakened
  • have to be careful about not cutting rates in a way that tightens mon pol
  • helicopter money is a fiscal issue, up to the govt to decide
  • wage growth over last few months has been faster than consistent with inflation target

GBPUSD largely unfazed at 1.3267 after finding demand/support into 1.3250 after the earlier Weale-led spike to 1.3292 where I had warned that decent sell interest lay waiting.