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Broadbent gives little away about near-term monpol

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  • Broadbent spends little time in this speech discussing the upcoming policy decision - simply noting that it's "possible" that Bank Rate can be cut in the summer (and gives little hint as to his view regarding June - only that the MPC decisions are data dependent). He is due to leave the MPC at the end of June so the June policy meeting will be his last.
  • He spends more time reflecting on the lessons of the past few years and concludes that going forward it's unlikely monpol can exclusively respond to economic growth - and that looking at more lagging indicators like slack in the labour market are here to stay. He also notes that this is likely to lead to a "noisier" world with more forecast misses. And reiterates that with this backdrop it is more important than ever that central banks remain independent.
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  • Broadbent spends little time in this speech discussing the upcoming policy decision - simply noting that it's "possible" that Bank Rate can be cut in the summer (and gives little hint as to his view regarding June - only that the MPC decisions are data dependent). He is due to leave the MPC at the end of June so the June policy meeting will be his last.
  • He spends more time reflecting on the lessons of the past few years and concludes that going forward it's unlikely monpol can exclusively respond to economic growth - and that looking at more lagging indicators like slack in the labour market are here to stay. He also notes that this is likely to lead to a "noisier" world with more forecast misses. And reiterates that with this backdrop it is more important than ever that central banks remain independent.