BOE: Pill sees cases two and three most likely still; "Causial and gradual"
Mar-05 15:08
- "I favoured a causial [sic] and gradual approach to the withdrawal of monetary policy restrictiveness. That's been the case really, for the last year. I spoke of this in the summer of last year, and I've supported communication in that direction. Following the February MPC meeting, I think there's quite a lot of consistency and continuity in that approach."
- "The summer of last year, and I've supported communication in that direction following that February MPC meeting, I think there's quite a lot of consistency and continuity in that approach. So looking forward, my assessment is that further progress with this inflation would permit further withdrawal of monetary policy restrictiveness and further reductions in bank rate over the rest of this year. but the magnitude and pace of bank rate cuts has to depend on how the risks around that disinflationary path evolve."
- "I agree with the point that there are two sided risks."
- "When I first talked about [the 3 cases], I focused mainly on now what we call case two and case three. I think that reflects where the bulk of my perspective is. I would say that I haven't personally changed my own kind of view of the probabilities, which have been tilted that way for the bulk of this period. And I sort of see the data that we've seen over the last six to nine months, not so much as a surprise, but more a support of that view I've maintained."
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US TSYS: Post-ISM React
Feb-03 15:06
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- Curves extend flatter as short end rates take the brunt of the move, 2s10s -8.206 at 25.543. Mar'25 10Y futures see some dip buying already, trade 109-05 (+10) last vs. 109-01.5 post data.
- Initial technical resistance at 109-10.5/13 (50-day EMA / High Jan 30)
MNI: US DEC CONSTRUCT SPENDING +0.5%
Feb-03 15:00
- MNI: US DEC CONSTRUCT SPENDING +0.5%
- US DEC PRIVATE CONSTRUCT SPENDING +0.9%
- US DEC PUBLIC CONSTRUCT SPENDING -0.5%
MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
Feb-03 15:00
- MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
- US ISM JAN MANUF PRICES PAID INDEX 54.9
- US ISM JAN MANUF NEW ORDERS INDEX 55.1
- US ISM JAN MANUF EMPLOYMENT INDEX 50.3
- US ISM JAN MANUF PRODUCTION INDEX 52.5
- US ISM JAN MANUF SUPPLIER DELIVERY INDEX 50.9
