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Pill speech due at 15:30BST

BOE
  • The highlight of the week for UK markets will be a speech by BOE Chief Economist Huw Pill today entitled “Inflation persistence & monetary policy” with the text and slides due for release at 15:30BST / 10:30ET (and the event itself starting at 17:30BST).
  • Pill’s last major speech on 2 March gave little away about his voting intentions for the March MPC meeting, and we would expect him to remain non-committal in this speech too.
  • Ahead of the speech UK STIR markets are reacting to the disappointing US JOLTS release with pricing for the May MPC falling to 19bp from 20bp and the terminal rate seeing around 37bp of cumulative hikes by September at the time of writing (from 45bp at one point today, but off a low of 36bp seen shortly after the JOLTS data).

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