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MNI View: Pill seems to be pointing more towards 75bp than over 100bp here

BOE
  • Pill sounds a bit more dovish on the fiscal impacts and on the labour market.
  • * But his language on inflation expectations is more explicit than previously:"Medium-term measures of inflation compensation from financial markets have moved around since August, and current market volatility makes them difficult to interpret over recent weeks. But the sustained (and reassuring) downward trend that in market inflation expectations that emerged from early April appears to have come to an end, at least for now. Household and corporate surveys of inflation expectations at various horizons – although subject to methodological shortcomings and offering sometimes inconsistent messages – have, on balance, moved in an unfavourable direction, especially if one points weight on the distribution of views not just the median."
  • * So overall I would think this sounds as though it is guiding towards something more like 75bp than greater than 100bp
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