16 Quotes by Michael Penn

There is a real difference in mentality. Consumers from poorer European countries are more cautious and tend to save more and borrow less.

We've taken out a couple of rate cuts as the consumer indicators have come back a bit quicker than we would have expected.

Retail sales have shown tentative signs of a modest recovery from weak levels, but in our view a continuing threat remains the weakness of the labor market ... which may slow the pace of consumer spending.

What we've seen over the past few months is a very gradual recovery in retail sales. We're likely to see a continued recovery in coming months, but nothing dramatic.

I suspect the gospel of Judas was not one of the close calls in this process.

Koizumi indicated clearly that he intends to step down next year. I have no reason to doubt his word. For better or worse, he tends to do what he says he is going to do.

Overall, the picture for the consumer in the U.K. does remain quite weak.

Over all, the picture for the consumer in the U.K. does remain quite weak.

We think the risks are that activity will pick up rather more slowly than the bank expects. In this environment risks to rates are lying on the downside in our view, and we continue to expect a 25 basis point rate cut in May.