The Bank of England gives us the policy verdict, minutes and inflation report all in one go. Overloading economists with goodies and producing a sugar-induced moment of hyperactivity makes the Bank more "transparent" it appears.
The takeaway from the Bank's bombardment is likely to be that the UK will see interest rate increases this year. We think there may be a couple of dissenters from an unchanged policy position today. The UK inflation picture is picking up more slowly than the US, but the disinflation episode seem to be ending.
We had another Fed speaker yesterday – Governor Powell – who though sounding less assured than Lockhart of a September rate hike was certainly sounding like someone contemplating such a move, and who again put stress on the labour market data.
The Euro area is not terribly exciting as to data releases, although German factory orders data came out strong today. There are some signals from the retail sector in the Euro area too – not high profile data, but perhaps worth a glance as the story of a more domestic-led Euro growth story gains traction.