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Saunders sounds like he will continue to vote for hikes

BOE
  • In essence, Saunders seems like he will continue to vote for hikes, but has said that he will not "definitely" vote for another 50bp hike.
  • He makes the argument that in his view, although getting inflation expectations under control risks overtightening and causing a big fall in output (which isn't his base case), that could be dealt with through conventional monetary policy. While not acting risks the BOE losing credibility and creating even more pain for people down the road.
  • He confirms that he is one of the members who think that further tightening may be appropriate.
  • Note that Saunders' term on the MPC is due to end shortly after the August MPC meeting (he will participate and vote in August).
  • Very little market reaction to Saunders' speech. There has been an upward move in SONIA Reds, Greens and Blues - but this trend was already in place before he started talking.
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