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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.
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Free AccessKey takeaways from Pill
- He thinks there is "some way to go" in tightening policy further - which to the MNI Markets team implies he's looking at least to two more 25bp hikes and leaving the door open to more.
- He doesn't see gilt sales as giving any signal to future Bank Rate - a line that is becoming more prevalent among MPC members recently.
- With this in mind, he seems to be most closely aligned to seeing a slow, gradual gilt sales programme - so as not to have too much market impact and so it doesn't have to be reassessed at each meeting. Something that is small enough to just let itself run. He gives no indication on size/pace.
- Overall he doesn't seem to be near to voting for 50bp hike in his tone... He is talking more about being gradual, and there being uncertainty. So in the MNI Markets' team's view, the probability of a 50bp hike has fallen further following Pill's speech.
Q&A coming up later.
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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.