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However, should it vote to leave then the near-term growth backdrop will deteriorate even further, which will likely result in renewed Bank of England policy stimulus and add to the downside risks for sterling".
Given the weak growth backdrop, we could as easily see some of the more hawkish members move back towards the middle ground, as see those in the middle start voting for higher rates.
Bryan Roberts at Kantar Retail said: "Sainsbury's performance, against a deflationary zero growth backdrop, is by no means a horror show and is likely to position Sainsbury's as the second-best performer [after Asda] among the big four over the festive trading period.
Analysts at Societe Generale said: "The IMF clearly doesn't think raising rates against the modest global growth backdrop is a good idea". More broadly the IMF recommended that advanced nations should maintain very loose monetary policies and "growth-friendly" fiscal policies.
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Douglas J. Flint, HSBC's chairman, said in a statement that last year was "a difficult one for all at HSBC as we addressed the restructuring of the firm against a lower-growth economic backdrop and with legacy issues and regulatory challenges imposing a further set of imperatives".
Last year was "a difficult one for all at HSBC as we addressed the restructuring of the firm against a lower-growth economic backdrop and with legacy issues and regulatory challenges imposing a further set of imperatives," Douglas J. Flint, HSBC's chairman, said in a statement.
Mr. Juniac added that he aimed to return Air France to profitable growth against a backdrop of "extremely fierce international competition" in 2014.
No one is in any doubt that the government has a sizeable challenge trying to boost economic growth against a backdrop of ongoing instability caused by Brexit.
The International Monetary Fund will sound fresh alarm over the state of the global economy this week when it reveals its latest forecasts for growth against a backdrop of slower world trade and jittery financial markets.
Britain is also expected to suffer slower growth against a backdrop of trade conflicts, though Brexit uncertainty continues to inflict the most harm to the UK's outlook for expansion this year and next, IMF officials said.
"The most substantial reason for this decision by the Fed is to simply keep the economy afloat during times of uncertainty as it relates to the high unemployment picture, subpar growth and the backdrop of a disinflationary environment," Mr. di Galoma said.
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