Though never achieving critical mass, a consensus did emerge that if anything ever changed relative to identifying a new unemployment target it would be toward the downward side.
The BOE has hitherto successfully argued that consumer price rises well above its 2% target during most of the past five years have been down to shifts in relative prices in the economy.
We have seen both discount, big box retailers like Target ( TGT), Wal-Mart ( WMT) and Costco ( COST) show relative strength, but we have also seen some high-end retailers like Michael Kors ( KORS) surpass expectations as well.