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Pill tees up vote for at least 75bp in November

BOE
  • Pill highlights: He very much points to the right time to act being at the November MPC meeting when the new MPR is out and the BOE has new forecasts. Says in his opinion the fiscal announcement has significant impact and requires a significant monpol response.
  • To me "significant" sounds bigger than "forceful" but there is no way of knowing if this is pointing to a 75bp hike or something larger in November. I'd still stick in the 75bp camp for now - but with the 3 members voting for 75bp in September joining him, we would only therefore need one more MPC member to get a 75bp hike in November.
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  • Pill highlights: He very much points to the right time to act being at the November MPC meeting when the new MPR is out and the BOE has new forecasts. Says in his opinion the fiscal announcement has significant impact and requires a significant monpol response.
  • To me "significant" sounds bigger than "forceful" but there is no way of knowing if this is pointing to a 75bp hike or something larger in November. I'd still stick in the 75bp camp for now - but with the 3 members voting for 75bp in September joining him, we would only therefore need one more MPC member to get a 75bp hike in November.