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Ramsden speech due on the hour

BOE
  • The text of BOE Deputy Governor for Markets and Banking, Dave Ramsden's speech is due to be released at 17:00BST / 12:00ET.
  • The speech is on QT and will be chaired by the Money Macro and Finance Society.
  • This will probably be the last MPC speech ahead of the August meeting and the first opportunity to respond to today's inflation print.
  • However, think that Ramsden will probably stick to the topic at hand today, rather than talking monpol.
  • It will still be interesting to see if Ramsden attempts to set expectations ahead of the Bank's announcement on the pace of QT over the next year.
  • We think that active sales will probably stay around the GBP45bln mark but passive run-off over the second year of QT will be GBP49.6bln (up from GBP35.3bln in the first year), so we look for an increase in the pace of total balance sheet reduction to GBP100bln in year 2, up from GBP80bln in year 1.

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