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Little new information from Pill in his latest comments

BOE
  • Overall given we only have bullet points from the Pill event its quite hard to read between the lines whether his view has evolved at all since his last speech.
  • Little reaction in gilts or GBP.
  • Highlights from the speech:
  • ""Survey indicators that have become available since the publication of the forecast have surprised to the upside, suggesting that the current momentum in economic activity may be slightly stronger than anticipated."
  • "Given the tightness of the labour market and currently elevated level of CPI inflation, there are risks around this projection. For instance, the latest data for private sector regular pay growth – which was published after the MPC’s forecast was finalised – surprised slightly to the upside. "
  • "Some high-frequency indicators of wages have fallen quite sharply recently, such as the KPMG/REC permanent staff salaries index. The MPC will continue to monitor indications of persistence in domestic inflationary pressures closely, with a focus on developments in the labour market, in wage dynamics, in services price inflation and in measures of underlying inflation and inflation expectations."
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