MNI BRIEF: China February CPI Rises To 1-Year High

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

RPT-MNI INTERVIEW: BOC Has Case For No Cut This Year: McNeil

MNI China Daily Summary: Friday, March 8

MNI: PBOC Conducts CNY10 Bln Via OMO Fri; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0978 Fri; -3.17% Y/Y

CHINA FEB FOOD PRICES -0.9% Y/Y VS -5.9% Y/Y JAN

CHINA FEB CPI 0.7% Y/Y VS MEDIAN 0.3%; JAN -0.8% Y/Y: NBS

Bond Supply Calendar: ESM Syndication "Upcoming"; BoE APF Monday

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Haskel sounds less hawkish than Mann - but unclear if he will change vote in March (2/2)

BOE
Homepagemarkets-real-timeCreditBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The story also says that Haskel's researchers believe that the fall in the official AWE series may be due to employers ending "cost-of living" payments which don't fit the definition of a bonus - rather than a meaningful fall in actual wage growth.
  • It is unclear whether the following is Haskel discussing what he needs to see to vote for unchanged rates (rather than a hike) or whether this is him discussing what he needs to see to vote for a cut (we assume the latter due to the placement in the Reuters piece): "I can't really say how many months I want to see. But again, it's the stress on trying to look at these underlying indicators."
  • Overall, Haskel still seems to sound less hawkish than Mann (who sounds as though she is still at least a couple of meetings away from changing her vote). But it is unclear from these comments whether he would change his vote in March if the inflation and wage data was to come in line with the Bank's forecasts.
  • Note that Haskel's last MPC meeting will be in August as he is coming to the end of his second 3-year term (which is non-renewable). He will be the second MPC member to leave in 2024 (following Broadbent whose last MPC meeting will be June).
  • Pill and Mann both also have terms that are due to end following the August MPC meeting - but at present we expect both of their terms to be renewed.
247 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.
  • The story also says that Haskel's researchers believe that the fall in the official AWE series may be due to employers ending "cost-of living" payments which don't fit the definition of a bonus - rather than a meaningful fall in actual wage growth.
  • It is unclear whether the following is Haskel discussing what he needs to see to vote for unchanged rates (rather than a hike) or whether this is him discussing what he needs to see to vote for a cut (we assume the latter due to the placement in the Reuters piece): "I can't really say how many months I want to see. But again, it's the stress on trying to look at these underlying indicators."
  • Overall, Haskel still seems to sound less hawkish than Mann (who sounds as though she is still at least a couple of meetings away from changing her vote). But it is unclear from these comments whether he would change his vote in March if the inflation and wage data was to come in line with the Bank's forecasts.
  • Note that Haskel's last MPC meeting will be in August as he is coming to the end of his second 3-year term (which is non-renewable). He will be the second MPC member to leave in 2024 (following Broadbent whose last MPC meeting will be June).
  • Pill and Mann both also have terms that are due to end following the August MPC meeting - but at present we expect both of their terms to be renewed.