On Monday, Bank of England speakers include Deputy Governors Clare Lombardelli and Dave Ramsden, along with Monetary Policy Committee external member Swati Dhingra.

Clare Lombardelli will give opening remarks at a BoE research conference at 0900 GMT. She previously served as the OECD’s Chief Economist before her appointment as Deputy Governor for Monetary Policy from July 2024.

Dave Ramsden will chair a discussion on central bank balance sheets at 1315 GMT. Later, Swati Dhingra will address the current state of UK monetary policy at London’s Birkbeck University at 1800 GMT.

We have a busy start to the week with speeches from three Bank of England members. Clare will begin with introductory comments at a research gathering hosted by the central bank in the morning. Before stepping into her current role overseeing monetary policy, she held the position of Chief Economist at the OECD. Her remarks may not shift expectations, but given her background, her perspective on macroeconomic trends could still be worth considering.

Dave is set to lead a discussion in the early afternoon on central bank balance sheets. This topic has gained fresh attention as policymakers assess how long to maintain the central bank’s current asset holdings. His position as Deputy Governor for Markets and Banking means his words will hold weight among those watching for adjustments in liquidity management. Any remarks on the pace of quantitative tightening or potential adjustments to bond sales will need attention.

Later, Swati will speak at Birkbeck University on current monetary policy settings. She has consistently leaned towards keeping rates steady, often expressing concerns about the risks of excessive tightening. If she reinforces this view, it would align with prior comments, but any suggestion that she sees greater room for lowering borrowing costs sooner would be worth noting. While she does not set the central bank’s stance alone, her voice contributes to the overall discussion within the Monetary Policy Committee.

With these events unfolding over the course of the day, it gives markets more to digest. While speeches alone do not dictate immediate moves, they reinforce existing expectations or introduce nuances that traders may need to factor into decisions in the days ahead.