-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Cunliffe hints at further rate hikes by saying BOE will do what is "necessary"
- Highlights below from Cunliffe's BBC Radio 4 interview. He gives little away other than saying the BOE will do what is necessary to stop inflation expectations being embedded - he gave no more explicit expectation of future voting intentions or the path of Bank Rate, but did at least sound as though he would for a hike at the August meeting. As he is considered one of the most dovish MPC members (alongside Tenreyro) this in itself is notable, but probably expected already.
- Cunliffe asked if BOE is behind the curve - said they started hiking in December before other DM central banks.
- Then asked a loaded question saying that rate hikes have been small.
- Cunliffe says different factors are affecting different economies. Says doesn't want to leave inflation as the new normal and embedded and that Bank will act to give people confidence.
- Cunliffe says looking at domestic pressures and can't impact international factors such as food prices.
- Asked about whether "domestic factors" means wage rises he says "we're not responsible for industrial relations... Those are decisions taken by firms up and down the country...we set the economy conditions in which pay bargaining takes place and in which companies decide whether to pass on prices... Will use tools to ensure economic conditions are not those where inflation becomes embedded in the economy."
- Cunliffe asked if higher unemployment is necessary to squeeze out unemployment. Says at the moment international factors are driving inflation at the moment and those rises won't last for ever. As that chock passes, econ conditions must not allow a wage-price spiral and that's where BOE will do what is necessary.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.