BOE hawk Ian McCafferty:
– Low CPI having material impact on wage growth
– Wage weakness may be temporary
– Sees signs Brexit vote may weigh on investment
– Global downside risks remain large
In January, McCafferty was the lone vote to hike rates. . These comments are also dovish but he said his vote to tighten could return. He’s looking for higher CPI readings in May data so that highlights June as the earliest time for a shift.
