“Wage growth didn’t slow by quite as much as expected, either (1.9% y/y for ex-bonus), which will comfort the BoE a little. Ultimately, we don’t see this report as affecting the Bank of England one way or another, though: Governor Carney and MPC member Vlieghe’s speeches this week have both reinforced our view that the Bank of England is on hold for the better part of 2016. And Carney’s comments that the NAIRU might be lower than previously assumed suggests there’s more slack in the labour market than they thought back in November.”
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