This Agents’ summary of business conditions (ASBC) summarises intelligence from the Bank’s Agents considered by the Monetary Policy Committee at its July meeting. The intelligence was gathered in the six weeks to end-June. Intelligence continues to suggest subdued growth in private sector real activity. Most intelligence was collected before the signing and subsequent breakdown of the Memorandum of Understanding (MoU) between Iran, Israel and the US and so does not reflect the volatility and uncertainty sustained by that sequence of events. Business confidence had continued to weaken to that point. If the ceasefire ... (full story)