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Week Ahead

  • Looking at MPC speeches, we have already heard a familiar rhetoric from Bailey that rate cuts are not coming soon in an interview he gave over the weekend and he is due to make another appearance on Wednesday with remarks at the London Foreign Exchange Joint Standing Committee. We will also hear from two of the MPC’s hawkish dissenters this week – Haskel on Tuesday in a speech entitled “UK inflation: how did we get here and where are we going?” and Greene on Thursday in a speech entitled “Are we there yet? A journey into monetary policy and medium-term factors”. Greene recently said that markets “hadn’t clocked on” to higher for longer yet, while Haskel appeared on the panel for the Treasury Select Committee last week. Note that the main message from that panel was again surrounding higher-for-longer but also to reiterate the BOE’s communication that in the near-term the risks to rates remain on the upside.
  • In terms of data this week, the highlight will be the Decision Maker Panel data on Thursday, while any revisions to the manufacturing PMI data on Friday will also be closely watched.

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