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Pill sounds a little more hawkish than Bailey and Ramsden was definitely more dovish

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  • Pill doesn't sound as though he is looking for an imminent cut here. He thinks little has changed but we have progressed through time to when a cut will be closer.
  • At first glance, that is a little more hawkish than Bailey's comments last week and Ramsden definitely sounded more dovish.
  • Highlights from the speech:
  • "Evaluating the MPC’s key indicators of inflation persistence – and looking through the unavoidable month-to-month noise in the data (compounded at present by concerns about the reliability of certain key indicators in the face of statistical challenges) – my reading is that there has been little news in recent months."
  • "We are now seeing signs of a downward shift in the persistent component of inflation dynamics. But we still have a reasonable way to go before I am convinced that the persistent momentum in underlying inflation has stabilised at rates consistent with achievement of the 2% inflation target on a sustainable basis."
  • "The absence of news and the passage of time have brought a Bank Rate cut somewhat closer. But the same absence of news gives me no reason to depart from the baseline that I established in Cardiff"
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  • Pill doesn't sound as though he is looking for an imminent cut here. He thinks little has changed but we have progressed through time to when a cut will be closer.
  • At first glance, that is a little more hawkish than Bailey's comments last week and Ramsden definitely sounded more dovish.
  • Highlights from the speech:
  • "Evaluating the MPC’s key indicators of inflation persistence – and looking through the unavoidable month-to-month noise in the data (compounded at present by concerns about the reliability of certain key indicators in the face of statistical challenges) – my reading is that there has been little news in recent months."
  • "We are now seeing signs of a downward shift in the persistent component of inflation dynamics. But we still have a reasonable way to go before I am convinced that the persistent momentum in underlying inflation has stabilised at rates consistent with achievement of the 2% inflation target on a sustainable basis."
  • "The absence of news and the passage of time have brought a Bank Rate cut somewhat closer. But the same absence of news gives me no reason to depart from the baseline that I established in Cardiff"