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Lombardelli and Bailey due to speak today

BOE
  • Today will see Deputy Governor-elect Lombardelli appear before the Treasury Select Committee at her pre-appointment hearing. A questionairre that she was given will be published around the start time of the hearing (10:15BST).
  • Lombardelli is due to replace Broadbent as Deputy Governor for Monetary Policy with her first MPC meeting at which she has a vote in August (it is unclear whether she will be able to attend the June meeting as an observer). Her view on current monetary policy will be closely watched, particularly at such an important point in the cycle. Her personal views are not well known at present, although she has presented OECD's views on inflation as part of her previous role as Chief Economist. The OECD at the time saw Red Sea tensions as a risk for "significantly" higher inflation - meaning central banks were "right" to be cautious on cutting rates.
  • The other big question is will Lombardelli be able to fill the void left from the intellectual leadership of the MPC that Broadbent is thought to have gained over the previous few years. A lot of Lombardelli's roles (until recently) haven't really involved communicating personal views on the economy or monetary policy, so how she deals with the communication side with strong views will also be interesting.
  • Lombardelli will also be responsible for implementing the reforms suggested to the Bernanke review and so her views on this will likely be watched closely.
  • Link to Lombardelli hearing.
  • Governor Bailey will also give an interview later today at 18:00BST where his view on today's labour market data which saw wage growth higher than expected but quantities data move more in line with survey data (and disappoint) will be watched.
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