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Lombardelli's appointment doesn't change our view of when the first cut will be (1/2)

BOE
  • As we noted earlier, Lombardelli has been appointed as Deputy Governor for Monetary Policy (which means she will sit on both the MPC and the FPC). Her first MPC meeting with a vote will be in August (Broadbent's last will be June).
  • Lombardelli is currently Chief Economist at the OECD after joining in May 2023. Prior to that she was the Chief Economic Advisor to the Treasury and had been joint head of the Government Economic Service since 2005 and has also previously worked at the Bank of England. She was reported by the Telegraph to be in the running for the Chief Economist position in 2021 (ahead of Pill's appointment).
  • Lombardelli recently presented OECD's views on inflation, who see Red Sea tensions as a risk for "significantly" higher inflation - meaning central banks are "right" to be cautious on cutting rates. However - it is unclear if these views are totally aligned with her own - but we have seen other commentary that also points to the more hawkish side (particularly in relation to Broadbent who she is replacing and Vlieghe, the other main name in contention according to the Times article a couple of weeks ago).
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