US TSY FUTURES: Net Long Setting Most Prominent After Weekly ADP

"*BOE'S GREENE: SIGNS LABOR MARKET WEAKENING IS BOTTOMING OUT" Bloomberg

This has also been a view shared to some degree amongst the less dovish members of the MPC. Mann said last week that the labour market was not "falling off a cliff" - but that when she voted for a 50bp cut it appeared as though it might be. Tomorrow's report therefore remains extremely important for future monetary policy.

"*BOE'S GREENE: MIGHT NEED TO WORRY MORE ABOUT 2ND-ROUND EFFECTS
*BOE'S GREENE: I AM CONCERNED ABOUT HOW RESTRICTIVE MONETARY IS
*BOE'S GREENE: CASE FOR HIGHER FOR LONGER RATES, SKIPPING CUT" Bloomberg

These are all in line with recent communications. The MPC statement still describes policy as restrictive too ("The timing and pace of future reductions in the restrictiveness of policy...").

This is an interesting point. The research the MPC has been citing has suggested that food prices, energy and fuel prices have outsized impacts on inflation expectations. And the narrative had been that food prices were the more concerning recently. This seems to be the point that Greene is making - not that she would be more worried about food than energy if they were both increasing - but that food prices are more of the near-term concern.

• "*BOE'S GREENE: I AM MORE CONCERNED ABOUT FOOD THAN ENERGY PRICES
• *BOE'S GREENE: HOUSEHOLDS PARTICULARLY SENSITIVE TO FOOD PRICES" Bloomberg