MPC speakers today and this week (1/2)

In terms of MPC speakers we have already heard from Haskel and will hear from Mann, Bailey, Dhingra, Cunliffe and there will also be an appointment hearing from new MPC member Megan Greene.

• Haskel’s comments this morning in The Scotsman had a hawkish bias as he said: “My own view is that it’s important we continue to lean against the risks of inflation momentum, and therefore that further increases in interest rates cannot be ruled out. As difficult as our current circumstances are, embedded inflation would be worse.” So it looks as though he has confirmed as much as he can that he will be voting for at least one more hike. For the full story click here.
• Mann will be providing a “UK economic and policy update” via a webinar on Monday afternoon at 15:00BST / 10:00ET. She remains one of the most hawkish members of the MPC despite having voted in line with the rest of the Committee at the most recent meeting. There are two interesting things to watch in her appearance today – first she has placed a lot of emphasis on the importance of the US for the UK monetary policy outlook, and if the Fed potentially pivots a bit more hawkishly this would be an important factor for her. It will be interesting to see what emphasis she places on this today. Second, Mann had probably been the MPC member most concerned about inflation stickiness, and with the data surprising to the upside it will be interesting to see her view on this. The MNI Markets team expects a 25bp hike later this month, but today’s webinar will go a long way to determining whether we are likely to get a 50bp dissent from Mann.