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Thomson Reuters
May 11 - 12:12 PM
GBP/USD - COMMENT-BoE MPC Membership News Could Impact Sterling
First appeared on eFXplus on May 11 - 06:20 AM

The likely departure of BoE MPC hawk McCafferty at the end of the northern hemisphere summer may impact the pound which is already under pressure from uncertainty over when the c.bank will hike rates.
McCafferty, who voted in favour of a BoE rate hike this week, is one of four external members of the MPC but his second three-year term ends Aug 31.
The only external MPC member to have served three terms on the MPC since its formation in 1997 is Kate Barker (2001-2010).
If McCafferty does not follow Barker, GBP could take a hit on the loss of one of the MPC's hawks.
The clock is ticking if McCafferty is going to bat on: in January, it was announced that Vlieghe would serve a second three-year term when his first term ends Aug 31.
Earlier this week, The Times reported that CBI chief economist Rain Newton-Smith 'is thought to be a candidate to join the MPC in August'.
The silver lining for GBP if McCafferty exits the MPC and is replaced by Newton-Smith is that she was one of the six Times shadow MPC members to advocate a BoE rate hike this week.
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Source:
Thomson Reuters IFR Markets

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