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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.
BOE
BoE's Pill continues his opening remarks:
- He highlights that the flat GDP growth recently is "much better" than seen in the Bank's forecasts in H2-22.
- Pill notes we have seen some turnaround in some indicators of tightness in the labour market - ratio of vacancies to unemployed and job-to-job flows - and there are questions how much we should place emphasis on these (see chart from his slide deck below).
- He says private sector pay growth has shown "quite a bit of stubbornness" if looking at the headline gauges, but looking at 3m/3m it's starting to fall.
- Forward-looking indicators such as the REC have fallen quite sharply. Our sense at the moment is there is more clear sign of some turning in wage momentum, but this seems to be suggesting it is getting stuck at what would have been seen pre-pandemic at levels above those consistent with the inflation target.
Source: Update and outlook - slides from Huw Pill
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.
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