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Pill adds little new - continues to look for "significant" action in Nov

BOE
  • Not really a lot new from BOE Chief Economist Huw Pill - very much in line with other MPC statements recently: he will make a full decision in November, the Treasury's announcement it will clarify its new fiscal rules and have external scrutiny from the OBR. That the long-end bond purchases are not monpol but financial stability.
  • He says: "But, at present, on the basis of the fiscal easing announced last week, the macroeconomic policy environment looks set to rebalance. Taken in conjunction with the macroeconomic impact of ensuing market developments, it is hard to avoid the conclusion that the fiscal easing announced last week will prompt a significant and necessary monetary policy response in November."
  • Note that this is similar to his comments on Tuesday - when we noted that "significant" is a step up from "forceful" - but the magnitude of the stepup remains unclear...
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  • Not really a lot new from BOE Chief Economist Huw Pill - very much in line with other MPC statements recently: he will make a full decision in November, the Treasury's announcement it will clarify its new fiscal rules and have external scrutiny from the OBR. That the long-end bond purchases are not monpol but financial stability.
  • He says: "But, at present, on the basis of the fiscal easing announced last week, the macroeconomic policy environment looks set to rebalance. Taken in conjunction with the macroeconomic impact of ensuing market developments, it is hard to avoid the conclusion that the fiscal easing announced last week will prompt a significant and necessary monetary policy response in November."
  • Note that this is similar to his comments on Tuesday - when we noted that "significant" is a step up from "forceful" - but the magnitude of the stepup remains unclear...