Almost one year ago to the day the chief economist at the Bank of England, Andrew Haldane, gave a speech about the persistent weakness in underlying inflation and the implications for monetary policy. At the time, many investors (including me) and the consensus of the Monetary Policy Committee thought that the next move would be up given strong domestic growth, a tightening labour market and the transitory nature of much of the fall in headline inflation. Headline inflation was at 0.3%, which funnily enough is exactly where it is today. Given the somewhat prescient nature of these comments, what is the likelihood that the next move in ... READ MORE
