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(H2) Stabilising

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Bias Still Points Lower

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Fading Onto Recent Gains

US

Tsy/Eurodollar Roundup

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Remains Above Support

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Bank of England Monetary Policy Committee member Michael Saunders said that monetary policy was not on auto-pilot but that further policy tightening was likely to be needed soon.

He acknowledged the uncertainty generated by the emergence of the Omicron Covid variant and said he would look again at the benefits of delaying a hike at the December meeting but that there was always uncertainty and "continued delay also could be costly."

Saunders, one of the most hawkish MPC members, highlighted the underlying inflation pressures from a tight labour market and higher services inflation. He said that if the economy evolved as he expected "the direction of travel for Bank Rate in the next few quarters is likely to be upwards."