It will be a while yet before we are printing better numbers.

This concern suggests it will take a lot of strength to get the Fed to tighten beyond 5 per cent.

It's not hard to understand why business confidence surveys report significant pessimism.

But we don't think this language quarrels with the consensus view of financial markets - and our view - that an easing cycle will most likely begin in September.

They've made very good profits over the last four or five years. They've had a good run, so they're well-placed to take a hit.

There doesn't seem to be any evidence that inflation is accelerating. In terms of when the bank can cut interest rates, we are still looking at sometime in the second half of the year.