CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Pill's comments don't change the overall narrative

UK
  • SONIA has now retraced most of the moves seen around Pill's speech seen earlier today, with GBP FX also retracing most of today's strength.
  • Pill's comments on Monday that the conversation about cuts could start in the middle of next year (if there are no surprises to the data) was fairly heavily caveated and in response to a question.
  • Those comments were not repeated today (which probably spooked the market a little), but there is equally nothing to suggest that he has changed his view in any way. The rest of his comments were all in line with what was said on Monday - and the overarching message he is trying to convey is that now is not the time to discuss cuts and that the BOE still has a hiking bias as it sees the risks to inflation skewed to the upside.
  • If those upside risks do not materialise the Bank will likely start to change its communication at that point - and we think that was the message that Pill was trying to convey on Monday.
  • In the view of the MNI Markets team, we are unlikely to see any real meaningful shifts in tone until next year.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.