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And don't miss Marcus Ashworth on the BOE's tricky assumptions: "If you take Brexit out of the equation, as Governor Mark Carney and his colleagues are determined to do, then it makes sense to pay heed to the strength of the global economy. They're also more confident that there's genuine traction in domestic spending, with the consumer credit picture turning out to be far less worrying than they might have assumed a year ago. From that perspective, a hike in May looks more likely, and makes sense. Short sterling futures reflect this, and traders have every reason to be more confident in their expectations for a faster pace of bank rate increases.
"It's a heroic assumption to say that Brexit doesn't matter. Carney's approach has its merits -- not least that it places a heap of pressure on the government to deliver a smooth divorce from the EU."
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
To contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.net.
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