While we believe the recent run of stronger high street spending will peter out, a majority of MPC members may differ and we expect official rates to remain on hold at 4.5 percent.
Last month's inflation report was about as strong an endorsement of steady rates as one is likely to see. The balance of news has turned around significantly over the past month and we now expect rates to remain on hold at 4.5% for the remainder of the year.
Last month's inflation report ... (was) about as strong an endorsement of steady rates as one is likely to see.