Earlier in the week, Citadel raised eyebrows by calling for a July Fed rate hike, adding to an already nervous backdrop. Initial speculation was that the move would be followed by a Bank of Japan rate hike, but that failed to materialise this morning. Record trade surpluses may flatter headline growth, but they do not provide a sustainable foundation for the economy, let alone its relationship with other countries. Bailey effectively confirmed as much in the press conference, making it clear that the Bank is not edging towards a rate hike. Headline inflation is expected to tick up to 2.9% from 2.8%, while core inflation is seen holding steady at 2.4%.