BOE: Lombardelli on Bernanke-report implementation
Aug-07 12:31
- Question from MNI's David Robinson on the implementation of the Bernanke reforms.
A: Lombardelli: "We're continuing to progress the work on implementing our changes. In response to Bernanke, we did as you say. We had two scenarios in May, we used them again this time round in our policy discussions, in our debates, and as we've said, the upside scenario for that time, which was a higher inflation higher inflation persistence scenario, felt pretty relevant, and actually was an important part of the discussion in helping us sort of tease out what could that look like, and what would the implications be? So we've done that." - "I mean, we also continue to do lots of other things that are going on in the background, and actually are a really critical part of delivering this. So, you know, I could talk for hours about delivering major IT reforms, but... we are building a new data platform that we are implementing from the middle of next year, we hope to be moving some of the big parts of our infrastructure, onto it the forecast scenarios that will allow us to do an awful lot of more nimble analysis, automate more analysis, those sorts of things. Now it's not exciting press conference type stuff. It's really important. But... it's pretty methodical work to change it systems, for example. So you know, all of that is going on in the background."
- "We've also done a lot of some other things that, you know you will have seen publicly, publishing some more. And our papers, like research papers on our models, for example, we've had a couple of conferences, those sorts of things. So, you know, the work is ongoing on it."
- "You said it was going to take some time, and we are thinking actively about actually how we should change our comms, as well as part of that. So... it's ongoing. We never said it'd be super quick... The scenarios we have built, we are using, and they are changing the way in which... the policy debate and the discussion is: one, that you know now has a much richer and more varied series of inputs going into it, and much more discussion of differences in policy across the committee, which, as you can see from the from the vote, there are lots of differences of views about many of the things that you've, you've, you've raised in this press conference and beyond and on those sorts of things, having a wider range of inputs that allows us to explore some of these in a bit more detail is is proving useful, but you know we're learning as we go."
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PIPELINE: Corporate Bond Roundup: $3B IADB Launched
Jul-08 12:28
- Date $MM Issuer (Priced *, Launch #)
- 07/08 $3B #IADB (Inter-American Development Bank) 10Y SOFR+61
- Potential roll-over from Monday:
- 07/07 $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
- 07/07 $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
- $14.45B Priced Monday
AUD: Some upside Momentum in the AUDNZD
Jul-08 12:23
- The Aussie is still trading on the front foot, all a continuation since the unexpected hold from the RBA Overnight.
- While the Dollar has been paring some losses throughout the early European session, taking its cue from the higher US Yields, there's some upside momentum in the AUDNZD here, through a fresh intraday high, and the AUDNZD could now target the May's high at 1.0922.
BUND TECHS: (U5) Bear Cycle Extends
Jul-08 12:17
- RES 4: 132.42 2.000 proj of the May 14 - 20 - 22 price swing
- RES 3: 131.95 High Jun 13 and the bull trigger
- RES 2: 130.76/131.33 High Jul 4 / High Jun 20
- RES 1: 130.10/130.51 Intraday high / 50-day EMA
- PRICE: 129.61 @ 13:01 BST Jul 8
- SUP 1: 129.39 Intraday low
- SUP 2: 129.30 Low May 22
- SUP 3: 128.97 Low May 14 and a reversal trigger
- SUP 4: 128.90 Low Apr 10
Bund futures are trading lower today, extending Monday’s sell-off. Support at 129.77, the Jul 3 low, has been cleared. The clear break confirms a resumption of the recent bearish theme and opens 129.30 next, the May 22 low. On the upside, resistance around the the 50-day EMA, at 130.51, has recently been pierced but for now, remains intact. A clear break of it is required to highlight a possible reversal.
