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Next week's decision on a knife edge - what we learnt from the TSC testimony

BOE
  • Tenreyro seems to be leaning towards another 25bp hike.
  • Pill gave little indication he would vote for a larger than 50bp hike and at some points seemed to lean against some of Mann's inflation expectation judgments.
  • Bailey seemed more sympathetic to Mann's arguments than Pill. Again gave no indication whether he would favour 50bp or 75bp - but seemed to be leaning more hawkishly than Pill.
  • Mann said new little in addition to her Monday speech - she sounds as though she is leaning towards 75bp.
  • The energy price cap announcement details are likely to be key to next week's decision and the decision between 50bp or 75bp seems on a knife edge.
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