• In the real world, there’s inevitably a degree of inaccuracy in economic
  measurement
• Currently, there’s a little more uncertainty
  than usual about the behaviour of unemployment
• Official estimates of wage growth have
  been volatile
• Other indicators have exhibited slightly lower rates
  of growth through much of this year
• It takes time to understand the forces driving
  the economy, particularly services inflation and wage growth
• It will probably require a
  more protracted and clearer decline in wage growth data before we can safely conclude
  that things are on a firmly downward trend
• Full speech

That’s a really long and roundabout way of saying that „we still don’t see enough data to justify a policy pivot yet“.

This article was written by Justin Low at www.forexlive.com.