EM CEEMEA CREDIT: REPHUN – Bond Issuance soon

Greene asked if can describe inflation as transitory:

A: "I'll just highlight that I rolled out our three inflation persistence indicators for a reason, because I think they're generally still looking too high. They're moving in the right direction and focused on kind of concerns around supply constraints in the economy. So I don't think that we can kind of pull out the ticker tape and suggest that it's transitory. I think there are still reasons to to be concerned about inflation persistence, and to consider that, you know, inflation persistence has come down in part because of our monetary policy stance."

Q: Should QT be paused or altered in particularly volatile times like was seen recently with the long/short maturity auctions timings.

A: "So there is a knockout clause in our Qt which says, effectively, if QT is actually distorting the markets... So it could be more volatility. It could be bigger moves. But generally... if we thought QT was distorting the markets, then we rethink QT that's baked into our QT programme, which isn't the case for all central banks. But you know, you're raising this in the context of having swapped some of our QT operations and that that was purely operational. So it doesn't change the total amount, it doesn't change the angle, it doesn't change kind of the equilibrium level. of reserves, it was purely operational"

"We said in our minutes that some of us were a bit on the fence and thought trade was a factor. Some didn't, actually, and they voted for different things and and so, you know, if you're just looking at the domestic factors, I guess that would that would change it for the those members who were considering trade as something that pushed them a bit over a line. But, you know, ultimately we're setting interest rates to try to achieve 2% inflation in the UK, and have to consider those factors, though, that affect the UK economy, but also the ones that we can do something about. And so it's the domestic inflationary factors that we focused on more than the trade factors."