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4 MPC members due to speak

GILTS
  • Gilts are lower this morning but are outperforming Bunds with the 10s30s curve flattening, but most yields up to 10-year 2.5-3.2bp higher on the day.
  • Looking ahead, we will have four MPC members on the schedule today. First we will hear from Chief Economist Huw Pill at 9:45BST. He is giving opening remarks at the BOE's Centre for Central Banking Studies Macro-finance workshop and is only scheduled to speak for 15 minutes in which time it's unlikely he will give away anything new on monetary policy - although if he does discuss monpol he may reiterate his recent comments.
  • Then at 11:15BST we will hear from Governor Bailey and Deputy Governors Broadbent and Ramsden as they testify ahead of the Treasury Select Committee. The topic will be quantitative tightening, not the recent MPR (there will be another TSC hearing on that on Tuesday 23 May), and so there may be less of immediate market relevance if the questions stick to topic. There are likely to be some off-topic questions, but how much time is given to answering these is unclear.

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