CIPS/Markit Report on Services (Mar. 13)

The modest uptick in March’s CIPS/Markit report on services still suggests that GDP did no better than flatline in Q1 and that a triple-dip remains a risk. The faint signs of life in the economy may nevertheless cause the MPC to stay its hand at today’s meeting. But with any expansion at all in Q1 still touch and go, we doubt the Committee’s inaction will last too long.

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