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Pill sounds like he is leaning towards voting for a December hike

BOE
  • More from Pill: "The burden of proof has now clearly shifted. While in September I was still seeking data to confirm my assessment of the strength of the post-pandemic recovery and accumulation of inflationary pressures, now I scan incoming information for challenges to that view."
  • So given that last statement about the burden of proof having shifted, having more information on the labour market post-furlough and wanting to wait for QE to end, it seems as though Pill is leaning towards voting for a hike in December. He does make clear that it is only his view, and not the view of the wider MPC, however.
  • The short sterling curve has fallen a couple of ticks on his comments, but is still a lot higher on the day, having been driven by concerns surrounding the Covid-19 variant. In a normal day we would have expected larger moves on these comments.
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