MNI EUROPEAN OPEN: The Lone Dove

EXECUTIVE SUMMARY

• U.S. PRESIDENT BIDEN: A RECESSION IS “NOT UNAVOIDABLE” (AP)
• LAGARDE TELLS MINISTERS ECB PLANS FOR LIMIT ON BOND SPREADS (BBG)
• GERMAN FINMIN CHALLENGES ECB OVER BOND MARKET FRAGMENTATION RISKS
• BOJ KEEPS ULTRA-LOOSE MONPOL SETTINGS UNCHANGED, ADDS RARE COMMENT ON FX

Fig. 1: USD/JPY & USD/JPY 1-Month Risk Reversal

Source: MNI - Market News/Bloomberg

UK

TRANSPORT: UK airlines will be forced to cancel hundred of flights this summer after London’s Gatwick airport announced plans to limit its operations because of continuing staff shortages plaguing the transport sector. The UK’s second-busiest airport said on Friday it would cut the number of flights airlines can run to 825 per day in July and 850 in August, down from the 900 that Gatwick was planning to operate on peak days in August. (FT)

TRANSPORT: An investigation is under way following the death of a passenger at Gatwick Airport. EasyJet confirmed the death in a statement, adding members of its cabin crew gave medical assistance to the unnamed passenger while waiting for help from paramedics. (Sky)

POLITICS: Boris Johnson is considering scrapping the role of ethics adviser after the resignation of Lord Geidt, who accused him of making a mockery of his position overseeing standards in government. The prime minister’s official spokesperson said Johnson would not immediately start looking for a replacement for Geidt, but would instead review the system of enforcing the ministerial code. (Guardian)

EUROPE

ECB: European Central Bank President Christine Lagarde told euro-area finance ministers that the ECB’s new anti-crisis tool will kick in if the borrowing costs for weaker nations rise too far or too fast, according to people briefed on their discussions. At a meeting in Luxembourg Thursday, Lagarde explained to ministers that the new mechanism that central bank officials are devising is intended to prevent irrational market movements from putting pressure on individual euro nations as ECB embarks on its first interest-rate hikes in more than a decade, the people said, asking not to be identified discussing private conversations. (BBG)

EU: Eurozone finance ministers mothballed plans on Thursday to complete the banking union — a decade-long project born out of the financial and the sovereign debt crises — settling for narrower improvements to the bloc’s rules for handling bank failures. Eurogroup chief and Irish Finance Minister Paschal Donohoe had hoped to reach consensus on a workplan sketching out a way forward on four parallel "workstreams," including a common deposit insurance scheme, dubbed EDIS, to cover savers' losses in case of bank failures. It also contained measures reducing banks' exposure to sovereign debt; creating a single market for banking; and agreeing on common rules on how to deal with failing banks. But the Irishman's plan didn't fly with capitals, with the main sticking point being Berlin's opposition to EDIS. "For Germany, a full European deposit guarantee is not up for debate," said Finance Minister Christian Lindner as he entered the meeting. (Politico)

EU: The European Commission plans to recommend that Ukraine and Moldova be granted candidate status in a symbolic step forward in the lengthy process to become members of the European Union. The EU’s executive arm is set to issue its opinion on Friday and will impose conditions that the countries will have to meet in the future on the rule of law, justice and anti-corruption, according to people familiar with the matter. The commission is also expected to recommend granting candidate status to Georgia once it meets specific conditions. (BBG)

EU/UK: The European Union will keep all options on the table in terms of its response to Britain's move to override some post-Brexit rules for Northern Ireland, Maros Sefcovic said on Thursday, when asked about the possibility of a trade war. (RTRS)

GERMANY/ECB: Germany’s finance minister has challenged the European Central Bank over the spectre of bond market fragmentation in the eurozone, saying he did not see particular hazards in current market conditions. Christian Lindner told the ECB’s president in a closed-door session that he was not worried by recent moves in spreads between bond yields in the euro area, and that talking about fragmentation in the bloc’s financial markets could damage confidence, according to people familiar with the discussion. (FT)

SPAIN: Where Andalusia goes, the rest of Spain follows. The southern region holds an election on Sunday and the conservative Popular Party (PP), buoyed by a change in its national leadership, is well ahead in the polls. If the polls are borne out, it will be an unprecedented victory for the party, marking the start of an electoral cycle that is expected to culminate in a general election next year. (Politico)

SPAIN: Spanish power plants bought more natural gas to generate electricity on Wednesday than on any other day since records began, transmission system operator Enagas said on Thursday. Extreme early summer heat is raising demand for electric air conditioning just as cheaper, renewable sources of power are contributing less to the system, meaning more expensive gas-fired plants are making up the shortfall. (RTRS)

HUNGARY: Hungary threatened to stall the European Union’s efforts to agree on a global minimum tax, just as the bloc was on the verge of a breakthrough after negotiating tweaks to get Poland’s backing. Hungary told EU ambassadors on Wednesday it is no longer in a position to back a compromise deal due to changed economic conditions, including the war in Ukraine, according to people with knowledge of the matter. The country has requested the item be removed from the agenda of a meeting on Friday in Luxembourg that was expected to give a green light to the plans. “Europe is in deep enough trouble without the global minimum tax,” Hungarian Foreign Minister Peter Szijjarto said in a video posted on Facebook Thursday. “We’re not supporting a hike in taxes for Hungarian companies and we’re not willing to put jobs in danger.” (BBG)

HUNGARY: Hungary has “a lot of work” to do before the European Union’s executive body will agree to release its pandemic recovery money, the country’s minister in charge of EU talks told Inforadio. The nation is still aiming to secure an agreement on both the pandemic funds as well the multi-year EU budget by year’s end, Tibor Navracsics told Inforadio in an interview on Thursday after talks with EU officials in Brussels. In a separate interview with Euronews, Navracsics said Hungary was ready to come to a compromise with the EU. (BBG)

UKRAINE: Temporary silos on Ukraine's border would be intended to prevent Russia from stealing Ukrainian grain and make sure the country's winter harvest is not lost due to a lack of storage, U.S. Agriculture Secretary Tom Vilsack said on Thursday. But, during a visit to the United Nations, Vilsack stressed that reviving shipments from Ukraine's Black Sea ports was the most effective and efficient way to export grain and urged Russia to take U.N.-led talks on the issue "seriously." (RTRS)

UKRAINE: Russia said on Thursday it was facilitating the export of grain and oilseeds from Ukraine through Russian-held transit points on the Azov Sea, without explaining who was providing the foodstuffs for export. Ukraine, like Russia one of the world's biggest exporters of grains and oilseeds, has accused Russia of stealing grain from territories in Ukraine that its forces have seized. Russian Deputy Prime Minister Viktoria Abramchenko rejected the allegation in an interview with Reuters, saying: "Russia does not ship grains from Ukraine." She continued: "Russia is securing a 'green [safe] corridor' for grains and any other foodstuff such as oilseeds ... so it can be exported from Ukraine without hurdles. [Via] Melitopol or Berdiansk." (RTRS)

UKRAINE: Ukraine alone should decide whether or not to accept any territorial concessions towards Russia in view of ending the war, French President Emmanuel Macron told TF1 television in an interview as he visited Kyiv. (RTRS)

UKRAINE: Britain will welcome representatives from Ukraine and business leaders on Friday to discuss how UK companies can help rebuild key infrastructure in Kyiv. Trade Secretary Anne-Marie Trevelyan will seek to promote collaboration between British companies in infrastructure, energy and transport, and Ukrainian public and private organisations to help repair damaged and destroyed infrastructure. Trevelyan will also announce changes to trade remedy measures, including reallocating ring-fenced market access for steel imports from Russia and Belarus to other countries including Ukraine. (RTRS)

UKRAINE: Russian-flagged ships have been carrying grain harvested in Ukraine last season and transported it to Syria, U.S. satellite imagery company Maxar said on Thursday. (RTRS)

U.S.

ECONOMY: President Joe Biden told The Associated Press on Thursday that the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. He said a recession is not inevitable and bristled at claims by Republican lawmakers that last year’s COVID-19 aid plan was fully to blame for inflation reaching a 40-year high, calling that argument “bizarre.” As for the overall American mindset, Biden said, “People are really, really down.” (AP)

ECONOMY: President Joe Biden on Thursday signed legislation to improve oversight of ocean shipping, which lawmakers say will help curb inflation and ease export backlogs. The new law boosts the investigatory authority of the Federal Maritime Commission (FMC), the U.S. agency that oversees ocean shipping, and increases transparency of industry practices. (RTRS)

ECONOMY: U.S. housing finance giant Freddie Mac said on Thursday the average contract rate on a 30-year fixed-rate mortgage rose by more than half a percentage point to 5.78%, the greatest one-week jump in 35 years. Rates on the most popular type of U.S. home loan surged after the Federal Reserve announced it was raising interest rates by 75 basis points in an attempt to slow the economy and quell inflation, which is at 40-year-highs. (RTRS)

BANKING: An indicator of credit risk in the U.S. banking system may be showing signs of stress, as the Federal Reserve’s aggressive rate hike path ratchets up expectations of economic pain. The so-called FRA-OIS spread , which measures the gap between the U.S. three-month forward rate agreement and the overnight index swap rate, increased to 29.50 basis points on Thursday, its widest since May 23, according to data from Refinitiv. The measure was at -11.66 bps earlier in the week. (RTRS)

BONDS: Spreads on US junk-rated corporate bonds, an important gauge of risk that signals higher defaults when it increases, surpassed 500 basis points for the first time since November 2020. The figure, which measures the extra yield investors demand to hold the debt instead of US Treasuries, increased 31 basis points on Thursday to 508 basis points, according to the Bloomberg US Corporate High Yield index. (BBG)

EQUITIES: The number of Russell 3000 companies, excluding financial firms, trading below cash has surpassed the month-end record set during the global financial crisis. As of Wednesday’s close, the market capitalizations of 167 Russell 3000 companies, including three major airlines, were below the firms’ cash holdings. The monthly record was 165 in February 2009. (BBG)

ENERGY: U.S. Energy Secretary Jennifer Granholm called an emergency meeting with refining executives for next week, a department spokesperson said on Thursday, as tensions between the Biden administration and Big Oil mount over soaring gasoline prices. (RTRS)

OIL: Top Biden administration officials are weighing limits on exports of fuel as the White House struggles to contain gasoline prices that have topped $5 per gallon. Discussions around capping gasoline and diesel exports have picked up in recent days, as President Joe Biden intensified his criticism of soaring oil company profits, said people familiar with the matter who asked for anonymity to describe private conversations. Limits under consideration would fall short of a complete ban on foreign sales of petroleum products, with gasoline exports averaging 755,000 barrels a day so far this year, according to the US Energy Information Administration. That’s up from 681,000 barrels a day during the same period in 2021. (BBG)

OIL: Robust demand from Latin America is set to lift US Gulf Coast fuel exports to new heights this month, hampering efforts to build up national inventories amid soaring prices. At the current pace, exports of products -- which typically go to where prices are highest -- are up 27% from what they were in June 2019. Massive exports are hindering restocking efforts in the US, where gasoline inventories have languished to their lowest seasonal level since 2014, while stockpiles of distillates, which include diesel, have tumbled to the lowest for this time of year since 2005, according to government data. (BBG)

OTHER

WTO: Major members of the World Trade Organization reached an initial deal on Thursday, winning over India which said it was confident more global accords could be achieved as negotiations on fishing, vaccines and food security entered their final hours. The body's 164 members must all agree for new rules to pass, meaning that one member alone can block deals. During the June 12-15 meeting, extended into the evening of a fifth day on Thursday, that member has been India. However, a provisional agreement to extend a moratorium on applying duties to electronic transmissions until at least 2023 was reached despite earlier opposition from New Delhi. (RTRS)

NATO: Australian Prime Minister Anthony Albanese on Friday said he would attend "an important" NATO meeting in Madrid at the end of the month as the United States-led alliance looks to further strengthen its ties in the wake of Russia's war in Ukraine. (RTRS)

U.S./CHINA: The United States' ambassador to China, Nicholas Burns, said on Thursday he expects Beijing's "zero COVID" policy to persist into early 2023, and that U.S. businesses were reluctant to invest in the country until restrictions ease. (RTRS)

U.S./TAIWAN: A duo of U.S. senators introduced a bill on Thursday to significantly enhance support for Taiwan, including provisions for billions of dollars in U.S. security assistance and changes to the decades old law undergirding Washington's unofficial ties with the Chinese-claimed democratic island. (RTRS)

BOJ: MNI BRIEF: BOJ On Hold, Keeps Policy Forward Guidance

• The Bank of Japan board Friday held easy policy as expected as the economy largely continued moving in line with the baseline scenario despite lingering downside risks and uncertainties - on MNI Policy MainWire now, for more details please contact sales@marketnews.com.

JAPAN: Japanese Finance Minister Shunichi Suzuki said on Friday there has been a "rapid" weakening of the yen recently, adding that Tokyo was closely watching market moves with a stronger sense of urgency. In a news conference, Suzuki also said he hoped the BOJ continues to make efforts to achieve its 2 per cent inflation target in a stable and sustainable manner. (RTRS)

JAPAN: Japan has reappointed Masato Kanda as vice finance minister for international affairs, serving as the country's top currency diplomat, as part of a mid-year personnel reshuffle, the Ministry of Finance said on Friday. (RTRS)

SOUTH KOREA: The South Korean economy is at the risk of losing steam as deteriorating external economic conditions are feared to dent investment and export growth amid high inflation, the finance ministry said Friday. Market volatility and global economic downside risks further expanded due to the Federal Reserve's accelerating monetary tightening and global supply chain disruptions, the ministry said in its monthly economic assessment report, called the Green Book. (Yonhap)

SOUTH KOREA: The government will extend the current seven-day quarantine mandate for COVID-19 patients for four more weeks because rolling back the obligation could accelerate a resurgence of the virus, Prime Minister Han Duck-soo said Friday. (Yonhap)

NORTH KOREA: South Korea's President Yoon Suk-yeol said the United Nations Security Council should respond in a coordinated manner against North Korea's missile provocations, South Korea's Newsis reported on Friday. (RTRS)

CANADA: Canadian Finance Minister Chrystia Freeland expressed confidence on Thursday in the Bank of Canada's ability to rein in surging inflation and keep price gains from becoming entrenched, but said there was no guarantee the economy would avoid a recession. "The Bank has begun the work of bringing inflation back within target, and it has the tools and the expertise it needs to keep inflation from becoming entrenched," Freeland told a business audience in Toronto. (RTRS)

CANADA: Canadian Imperial Bank of Commerce (CM.TO)is "comfortable" with the quality of its mortgage book, but is on the lookout for signs of stress, its chief risk officer said on Thursday."We're very comfortable with where things are currently," Shawn Beber said at the fifth-largest Canadian bank's investor day in Toronto. If "things get more stressed, then you could see higher losses than (anticipated) but that's not the base case scenario that we are looking at." (RTRS)

BRAZIL: Brazilian state-run oil company Petrobras is set to announce a fuel price increase on Friday, local media reported on Thursday, raising alarm bells within the country's top political ranks. According to O Globo, the company's board has approved diesel and gasoline price increases that will come into effect next week. Petrobras said it could not "preemptively discuss decisions on price preservation or price adjustments due to competition issues." (RTRS)

ARGENTINA: Argentina's central bank raised its benchmark interest rate by the most in three years on Thursday, hot on the heels of amajor hike by the U.S.Federal Reserveand as the South American country firefights sky-high inflation running at over 60%. (RTRS)

RUSSIA: Law enforcement in the United States, Germany, the Netherlands and Britain dismantled a global network of internet-connected devices that had been hacked by Russian cyber criminals and used for malicious purposes, the U.S. Justice Department said on Thursday. The network, known as the "RSOCKS" botnet, comprised millions of hacked computers and devices worldwide, including "Internet of Things" gadgets like routers and smart garage openers, the department said in a statement. (RTRS)

RUSSIA: The Dutch intelligence service said on Thursday it had uncovered a Russian military agent attempting to use a false identity to infiltrate the International Criminal Court (ICC) which is investigating accusations of war crimes in Ukraine. (RTRS)

RUSSIA: The Ministry of Finance does not exclude the possibility of entering the domestic borrowing market this year, Finance Minister Anton Siluanov told reporters on the sidelines of the St. Petersburg International Economic Forum. But first we need to decide on the budget policy, which is still being discussed in the government, the minister added. In the spring, Siluanov announced that the Ministry of Finance was not planning new placements of government bonds in 2022 and would resume borrowing in 2023 if the market situation stabilizes. (Vedomosti)

RUSSIA: Russian authorities are discussing the idea of giving foreign investors who are willing to cut exposure to Russia a chance to ditch their Russian stocks and bonds later this year despite capital controls, a finance ministry official said on Thursday. (RTRS)

IRAN: Israeli and American intelligence officials have been watching each day as Iran digs a vast tunnel network just south of the Natanz nuclear production site, in what they believe is Tehran’s biggest effort yet to construct new nuclear facilities so deep in the mountains that they can withstand bunker-busting bombs and cyberattacks. Though the construction is evident on satellite photographs and has been monitored by groups that track the proliferation of new nuclear facilities, Biden administration officials have never talked about it in public and Israel’s defense minister has mentioned it just once, in a single sentence in a speech last month. In interviews with national security officials in both nations, there clearly were differing interpretations of exactly how the Iranians may intend to use the site, and even how urgent a threat it poses. (NYT)

IRAN: The United States on Thursday imposed sanctions on Chinese and Emirati companies and a network of Iranian firms that help export Iran's petrochemicals, a step that may aim to raise pressure on Tehran to revive the 2015 Iran nuclear deal. The U.S. Treasury department said it had imposed penalties on two companies based in Hong Kong, three in Iran, and four in the United Arab Emirates, as well as on Chinese citizen Jinfeng Gao and Indian national Mohammed Shaheed Ruknooddin Bhore. (RTRS)

METALS: Workers at Chile's state-owned Codelco, the world's largest copper producer, will go on strike if they do not receive a favorable answer from the company's board of directors Friday, the union said on Thursday. (RTRS)

METALS: Russia is experiencing problems with the supply of iron ore products to Europe, although sanctions do not prohibit this. The reason for the drop in exports was the destruction of supply chains due to hostilities in Ukraine. Iron ore producers are reorienting deliveries to China and are talking about the need to build deep-water ports in the south of the Russian Federation, which would make exports to Asia more profitable. (Kommersant)

ENERGY: Canada said on Thursday it was in talks with Germany to resolve an issue with a Siemens Energy turbine for Russia's Nord Stream 1 pipeline that was sent to Canada for maintenance, reducing gas supply to Europe. The capacity of Gazprom's Nord Stream 1 pipeline to supply gas to Europe is partly constrained as sanctions on Russia make it impossible for German equipment supplier Siemens to return the turbine being maintained in Canada, the companies said earlier this week. (RTRS)

ENERGY: A breakneck rally in Asian natural gas spot prices is forcing some importers to halt plans to buy additional shipments of the power plant fuel. North Asia spot liquefied natural gas prices are surging toward $40 per million British thermal units, the highest in over three months, on fears of a global supply squeeze, according to traders with knowledge of the matter. The benchmark is up nearly 70% so far this week and is at a seasonal high. Some Asian buyers are now unwilling or unable to procure LNG at current spot rates, instead choosing to wait for prices to come down before refilling inventories, according to traders. That risks leaving buyers short in the event of extreme weather or other major disruptions. (BBG)

CHINA

PBOC: China doesn’t need to follow US and European central banks to hike interest rates because its economy is in a different cycle and its inflation is far lower than other major economies, Economic Daily says in a front-page commentary Friday. China’s consumer price inflation is holding steady, while decline in producer price is accelerating, and that means China’s inflation is under control; China is expected to achieve its goal of keeping its CPI at around 3% for the whole year. Although geopolitical conflicts are still disrupting the international energy and food markets, China has sufficient food and coal supply. Given its moderate and controllable inflationary outlook, China has enough room to tweak monetary policy and doesn’t need to follow other countries to increase interest rates. China should accelerate implementation of measures to stabilize the economy, taking advantage of a relatively small window of time when inflation is at relatively low levels and when there are fewer impediments to diverge with the monetary tightening in developed countries. (BBG)

ECONOMY: China’s No. 2 online retailer sees worrying signs that shoppers are reluctant to reopen their wallets even as major cities emerge from bruising Covid lockdowns, suggesting consumer spending may take months to recover. The months-long closure of cities like Shanghai has caused a fundamental shift in how people spend their money, with a pullback in discretionary spending continuing even after the lockdown of the financial hub ended a few weeks ago, according to Xin Lijun, chief executive officer of JD Retail. (BBG)

FISCAL: China should use the next six months to intensify fiscal policy and pay more attention to price tools of monetary policy to stabilise economic growth, in order to prepare for the arrival of global stagflation, according to a working paper published by researchers at China Finance 40 Forum. China should maintain the flexibility of the yuan while closely monitoring capital flow anomalies, the paper said. Also, China should participate more in multilateral debt restructuring mechanisms, as major central banks tighten policy. Along with the sharp rise in global energy and grain prices, it is very likely to trigger debt crises in some emerging markets and developing countries, the paper said. (MNI)

FISCAL: China’s local governments are caught in an unexpectedly severe budget squeeze, creating a dilemma for officials over whether to boost debt or tolerate weaker economic growth. Maintaining the Covid Zero policy is both slowing the economy and also adding huge extra costs to government budgets, which have to pay for regular mass testing, quarantine hospitals, as well as food provision and other services during lockdowns in places like Jilin or Shanghai. The mass-testing for Covid alone will add hundreds of billions of yuan, if not more, onto local authorities’ spending responsibilities beyond what was budgeted in early March. (BBG)

REAL ESTATE: China’s real estate market is still hovering at the bottom despite over 200 cities having loosened regulations by mid-June, as home prices nationwide are still slowly declining, Caixin reported. Second-hand home prices in 70 key cities decreased by 0.4% m/m, or 2.2% y/y in May, Caixin cited data by Shanghai E-House Real Estate Research Institute. New housing declined by 0.2% m/m, or 0.8% y/y, said Caixin. The current relaxations aim at fine-tuning the qualifications of home buyers, and first-tier cities have not changed policies markedly, Caixin said citing Zhang Dawei, chief analyst of Centaline Property. (MNI)

MILITARY: China launched its third and most advanced aircraft carrier on Friday, bringing it a step closer to its goal of building a blue-water navy with at least six aircraft carrier battle groups by 2035. (SCMP)

CHINA MARKETS

PBOC INJECTS CNY10 BILLION VIA OMOS, LIQUIDITY UNCHANGED

The People's Bank of China (PBOC) injected CNY10 billion via 7-day reverse repos with the rate unchanged at 2.1% on Friday. This keeps the liquidity unchanged after offsetting the maturity of CNY10 billion repos today, according to Wind Information.

• The operation aims to keep liquidity reasonable and ample, the PBOC said on its website.
• The 7-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.8885% at 9:33 am local time from the close of 1.6148% on Thursday.
• The CFETS-NEX money-market sentiment index closed at 47 on Thursday vs 48 on Wednesday.

PBOC SETS YUAN CENTRAL PARITY AT 6.6923 FRI VS 6.7099

The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 6.6923 on Friday, compared with 6.7099 set on Thursday.

OVERNIGHT DATA

NEW ZEALAND MAY BUSINESSNZ MANUFACTURING PMI 52.9; APR 51.2

While both Production (52.8) and Delivery of Raw Materials (55.4) both managed to return to expansion for May, the other key sub-index of New Orders (53.0) recorded its lowest level of activity since the August lockdown in 2021. Overall, any sustained move towards historical levels of expansion requires a healthy level of new orders, which has averaged 55.0 since the survey began. Manufacturers continue to have a more negative mindset during May, with the proportion of negative comments at 72.7%, compared with 70.3 in April and 64.2% in March. While COVID and related issues remain a key influence, skill/labour shortages are also regularly mentioned. (BusinessNZ)

NEW ZEALAND MAY NON RESIDENT BOND HOLDINGS 58.3%; APR 58.6%

MARKETS

UP TODAY (Times GMT/Local)

Date	GMT/Local	Impact	Flag	Country	Event
17/06/2022	0830/0930			UK	BOE Tenreyro Opens BOE Household Finance Workshop
17/06/2022	0900/1100	**		EU	Construction Production
17/06/2022	0900/1100	***		EU	HICP (f)
17/06/2022	-			EU	ECB de Guindos at ECOFIN Meeting
17/06/2022	-			JP	Bank of Japan policy meeting
17/06/2022	1230/0830	*		CA	Industrial Product and Raw Material Price Index
17/06/2022	1315/0915	***		US	Industrial Production
17/06/2022	1430/1530			UK	BOE Pill Panels BOE Household Finance Workshop