UK Monetary Policy Report Hearings

post: BOE'S BAILEY: **TIERING WOULD BE A TAX ON UK BANKING SYSTEM **TIERING OF BOE RESERVES WOULD BE A FISCAL DECISION, NOT A MONETARY POLICY OR FINANCIAL STABILITY ONE post: BOE'S BAILEY: **THERE IS NO BIG WORK PROGRAMME GOING ON TO TIER REMUNERATION OF RESERVES **TIERING RESERVES IS A DECISION FOR GOVERNMENT, NOT US, IT IS CONTRARY TO OUR OBJECTIVES

post: BANK OF ENGLAND MPC'S TAYLOR: DISINLFATION IS UNFOLDING AS WE WOULD EXPECT post: BOE MPC'S TAYLOR: THERE IS A WIDE RANGE OF POSSIBILITY FOR BOE RATE CUTS, DEPENDS ON HOW THE DATA UNFOLDS. post: BANK OF ENGLAND MPC'S TAYLOR: **LABOUR MARKET DATA KEY FOR MY VIEW ON RATE CUTS **'GRADUAL' RATE CUTS IS CLOSELY ALIGNED TO MARKET CURVE CURRENTLY, ABOUT 100 BPS OVER NEXT YEAR **THAT IS NOT NECESSARILY WHAT WILL UNFOLD, DEPENDING ON ECONOMIC CONDITIONS

post: BOE GOV. BAILEY: SERVICES INFLATION IS STILL ABOVE A LEVEL THAT'S COMPATIBLE WITH ON-TARGET INFLATION. post: BOE GOV. BAILEY: WE NEED TO WATCH SERVICES INFLATION VERY CAREFULLY, REFLECTS LABOUR MARKET DEVELOPMENTS. post: BOE GOV. BAILEY: INFLATION WAS LOWER THAN EXPECTED WHEN BOE CUT RATES. post: BOE GOV. BAILEY: A GRADUAL APPROACH TO REMOVING MONETARY POLICY RESTRAINT WILL HELP US TO OBSERVE RISKS TO THE INFLATION OUTLOOK - ANNUAL REPORT

post: UK BOE DEP. GOV. BROADBENT: GRADUAL EASING IN THE TIGHTNESS IN THE LABOUR MARKET IS ONE INDICATION THAT MONETARY POLICY IS NOW RESTRICTIVE. post: UK BOE DEP. GOV. BROADBENT: THE QUESTION HAS MOVED ON FROM ONE ABOUT THE DEGREE OF POLICY RESTRICTIVENESS TO ONE ABOUT ITS DURATION. THIS REMAINS HIGHLY UNCERTAIN. post: BROADBENT FROM BOE: INFLATION FORECASTS DON'T RULE OUT POSSIBLE POLICY EASING THIS YEAR post: BOE'S BROADBENT: TIMING OF ANY ADJUSTMENT CAN ONLY DEPEND ON ACTUAL ECONOMIC DATA EVOLUTION

post: BOE GOV. BAILEY: WE ARE LOOKING BEYOND THE TEMPORARY PERIOD WHEN WE EXPECT CPI TO RETURN TO TARGET THIS YEAR. post: BOE GOVERNOR BAILEY: ECONOMY AT FULL EMPLOYMENT IS POSITIVE NEWS post: BoE’s Bailey: Want To Get Inflation Down And Keep It Down - Encouraging Signs On Pay, Services Inflation - Don't Need Inflation At Target Before Rate Cut post: BOE GOV. BAILEY: I EXPECT BERNANKE TO PRODUCE A REVIEW IN THE MIDDLE OF SPRING.

post: BOE GOV. BAILEY: WE HAVE SEEN A WEAKENING IN DEMAND BUT ALSO A WEAKENING ON THE SUPPLY SIDE. post: BOE GOV. BAILEY: WE SEEING SOME INDICATIONS OF PICK UP IN ARREARS BUT FROM A LOW LEVEL.

post: BOE GOV. BAILEY: THE LATEST DECLINE IN INFLATION WAS GOOD NEWS. NEWS ON INFLATION WAS LARGELY AS WE EXPECTED. post: BOE GOV. BAILEY: FURTHER DECLINE IN FOOD INFLATION WILL COME IN 1Q. WE WILL THEN LOOK TO SEE SECOND ROUND EFFECTS UNWIND. post: BOE GOV. BAILEY: INFLATION WILL END YEAR A LITTLE LOWER THAN WE EXPECTED, BUT NOT BY MUCH. post: BOE GOV. BAILEY: WE'VE SEEN SOME WEAKENING ON THE QUANTITY SIDE OF LABOUR MARKET. post: BOE GOV. BAILEY: THERE ARE SOME SIGNS THAT WAGE GROWTH IS COMING OFF, BUT WELL ABOVE THE INFLATION TARGET AT A CONSISTENT LEVEL.