MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BOE: MPC speakers this week and more thoughts on Mann

BOE
Bank of EnglandCentral Bank NewsCEEMEABulletUKGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • Following last week’s BOE meeting (see the MNI BOE Review including sellside roundup here) last week we heard from Catherine Mann.
  • In some ways we think that her comments were more meaningful than the wider meeting as she sounded to have softened her hawkish stance further. It would still not be our base case, but we now think there is an outside chance that she votes for a 25bp cut at the November MPC meeting (further thoughts on that in the BOE Review document too).
  • This week we will hear from the MPC’s other external hawk (recall Haskel has left the committee): Megan Greene is due to speak on Wednesday on consumption at the Newcastle Chamber of Commerce.
  • Although neither Greene nor Mann’s votes are likely needed for a November cut, if there is agreement from the hawks that cuts are appropriate, it shows a wider softening of the MPC’s tone.
  • Indeed, given Mann’s comments last week and her previous rhetoric, it might be that she is more likely to favour sequential cuts at some point in this cycle ahead of other members who are currently considered to be more dovish.
  • Greene is due to speak again next week, while next week will see Chief Economist Pill (who also hawkishly dissented) in August, speak at a CBI event.
213 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Following last week’s BOE meeting (see the MNI BOE Review including sellside roundup here) last week we heard from Catherine Mann.
  • In some ways we think that her comments were more meaningful than the wider meeting as she sounded to have softened her hawkish stance further. It would still not be our base case, but we now think there is an outside chance that she votes for a 25bp cut at the November MPC meeting (further thoughts on that in the BOE Review document too).
  • This week we will hear from the MPC’s other external hawk (recall Haskel has left the committee): Megan Greene is due to speak on Wednesday on consumption at the Newcastle Chamber of Commerce.
  • Although neither Greene nor Mann’s votes are likely needed for a November cut, if there is agreement from the hawks that cuts are appropriate, it shows a wider softening of the MPC’s tone.
  • Indeed, given Mann’s comments last week and her previous rhetoric, it might be that she is more likely to favour sequential cuts at some point in this cycle ahead of other members who are currently considered to be more dovish.
  • Greene is due to speak again next week, while next week will see Chief Economist Pill (who also hawkishly dissented) in August, speak at a CBI event.