Key takeaways from Pill

1. 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.
2. 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.
3. 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.
4. 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.