Haldane comments from an annual report published on BOE website

  • Weakness of wages is one puzzle of recovery
  • Balance of risks around UK GDP growth and inflation skewed materially to the downside
  • Has a neutral stance on future direction of mon pol
  • Policy needs to be poised to move in either direction depending on how risks and data plays out
  • Expects 3rd phase of GFC from emerging markets to be reasonably protracted

The pound had a dip on the comments, which should be no surprise from the most dovish member of the MPC. There's nothing here he hasn't said before or recently. GBPUSD hit a new low of 1.5107