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Recession Consensus Mounts: Timing/Severity Vary (3/4)

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Speakers today and this week

BOE
  • Today we have Governor Bailey, Ramsden, Haskel and Saunders all testifying before the Treasury Select Committee at 15:15BST with regards to the MPR. Note that Haskel is the only one of these MPC members who we have not heard from since the May MPC meeting, but the hearing will be interesting nonetheless. Given recent noises from MPs recently, expect there to be a lot more focus on how the BOE is failing its mandate on inflation targeting (in the view of some Tory MPs) - rather than on how it will act in the future. This event will be available to be viewed here.
  • Tomorrow we will also hear from Deputy Governor Cunliffe in a fireside chat with the Wall Street Journal, it is unclear if there will be any discussion of monetary policy.
  • Finally on Friday, BOE Chief Economist Huw Pill will make a speech during an agency visit to ACCA Cymru Wales (due to begin at 8:00BST). He is due to speak on his personal views on the economic outlook as well as “some initial thoughts on how policymakers might approach the unwinding of Quantitative Easing.” This may turn out to be the most notable event of the week. There has still been very little clarity in terms of how the BOE will engage in QT, so any extra clarity on this issue, even if it it’s Pill’s personal view rather than an official MPC communique will be interesting.
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  • Today we have Governor Bailey, Ramsden, Haskel and Saunders all testifying before the Treasury Select Committee at 15:15BST with regards to the MPR. Note that Haskel is the only one of these MPC members who we have not heard from since the May MPC meeting, but the hearing will be interesting nonetheless. Given recent noises from MPs recently, expect there to be a lot more focus on how the BOE is failing its mandate on inflation targeting (in the view of some Tory MPs) - rather than on how it will act in the future. This event will be available to be viewed here.
  • Tomorrow we will also hear from Deputy Governor Cunliffe in a fireside chat with the Wall Street Journal, it is unclear if there will be any discussion of monetary policy.
  • Finally on Friday, BOE Chief Economist Huw Pill will make a speech during an agency visit to ACCA Cymru Wales (due to begin at 8:00BST). He is due to speak on his personal views on the economic outlook as well as “some initial thoughts on how policymakers might approach the unwinding of Quantitative Easing.” This may turn out to be the most notable event of the week. There has still been very little clarity in terms of how the BOE will engage in QT, so any extra clarity on this issue, even if it it’s Pill’s personal view rather than an official MPC communique will be interesting.