Bank of England Deputy Gov. speakingHe adds:
- Voted against raising rates due to not immaterial risk that domestic inflation pressure will undershoot MPC forecast
- Some historic relationships between economic variables have gone on a longish leave of absence
- Brexit impact uncertain, BOE can only respond to what its sees in economy now
- Domestic inflation pressure low, sterling depreciation not causing second round effects and inflation expectations average
Comments are more dovish from the deputy governor.