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MNI Gilt Week Ahead - May 24 2021: MPC members testify again

  • There are a number of interesting events in the UK in the week ahead with six MPC members speaking, public sector finance data and the DMO releasing its July to September operations calendar.
  • Bailey, Cunliffe, Haldane and Saunders will testify before the Treasury Select Committee, following on from the testimony of Bailey, Broadbent and Ramsden ahead of the Lords Economic Committee last week. The topics of discussion are subtlety different with this week's testimony focusing on the last Monetary Policy Report whereas last week's focused on QE. Bailey last week stated that when it comes the QE unwind should be operate "automatically" noting that "it needs to be done on a predictable basis which is announced in advance". Outgoing Chief Economist Andy Haldane's motivations for voting for a reduction in the stock of QE will be closely watched as well as any comments he has on the QE unwind – although he will not have a vote when the time comes, it will be interesting if he shares any opinions on the matter. Tenreyro is due to speak Tuesday and Vlieghe on Thursday.
  • Amid concerns about the impact of the India variant on England's roadmap out of lockdown and the end of existing economic restrictions, Prime Minister Boris Johnson said on Friday that "We'll try and let people know by the end of the month about exactly where we think we'll be on 21 June, Step 4." Data over the weekend suggests that when two doses of either the AZ or Pfizer vaccine are given that the vaccines are almost as good against the Indian variant as they are against the Kent variant which has boosted expectations that the reopening will remain on course.
  • The DMO is due to release its FQ2 gilt operations calendar covering the July to September period on Friday at 7:30BST (we have discussed this both in our expectations document and then through further updates on bullets/chat since the consultation minutes were released). The main datapoint for the week will be public sector finances on Tuesday at 7am. There will also be focus on this week's linker syndication.
See the link below for the full document including auction previews for the week ahead, QE tracker and BOE purchase analysis, cash flow matrix and issuance calendar:

GiltWeekAhead24052021.pdf

HomepageGlobal IssuanceGlobal Issuance - UKMarkets
HomepageGlobal IssuanceGlobal Issuance - UKMarkets

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