• A really big move would matter for CPI forecast
• But these are not big movements
• Do not think policy divergence with the Fed is any more of an issue than it was before
• The peak effect of rates on inflation hasn’t occurred yet

He’s offering plenty of remarks today, covering a broad range of topics. But the bottom line is that they are still going to be data-dependent, waiting to see if they can cut rates again in September next.

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