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Week Ahead (2/2)

  • The week-ahead will see UK labour market data on Tuesday with inflation data on Wednesday. The latter in particular has potential to see large market moves, with a soft print likely to see a larger move given how much is priced into markets at present.
  • There has also been some focus this morning on a Bloomberg story that states the BOE has begun talks with the DMO regarding gilt sales. Recall that the BOE has said in its sequencing review that the MPC will consider active gilt sales when Bank Rate reaches 1.00%. Some analysts expect an announcement as soon as May, but it seems most expect at least some kind of consultation or delay to the announcement. Bank speakers have also been keen to stress that active QT is not automatic at 1.00%. Our Policy team interviewed Head of the DMO Robert Stheeman in October and he said that any sales of gilts by the Bank would be in consultation with the DMO. See the full interview here.

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