UK: Haldane strongly suggests policy easing would be required in August - TDS

Research Team at TDS, notes that the UK MPC dove Andy Haldane released text from a recent speech (updated to reflect yesterday’s policy meeting).

Key Quotes

“While there were no major surprises here, with Haldane strongly suggesting policy easing would be required in August, he did note that "a package of mutually-complementary monetary policy easing measures is likely to be necessary" next month, suggesting that more is coming than just QE and rate cuts. Cable subsequently fell on the release.

Construction data for May was also released, and while it's hard to read too much into a series that isn't considered to be an "official statistic" by the ONS itself, construction spending (-2.1% m/m) continued to deteriorate ahead of the June referendum, marking its fourth fall in five months. Significant declines were visible across the all components.”