Speaking in Germany

  • Inflation expectations over last few years have been relatively stable

  • Household expectations are sensitive to energy prices

  • There are common factors adding to low Eurozone and US inflation

  • Market based measures of inflation are affected by a lack of liquidity and volatility

  • Risks around Fed forecasts should not paralyse policy makers

  • Calls for error bands to be introduced around Fed's quarterly projections

The speech is on Inflation dynamics so not really anything on monetary policy. Not quite error bands but the BOE use a fan system when they produce the inflation report and that's something that gives them some breathing room, not that many people pay attention to it.

Loretta Mester kicks off a trio of Fed speakers today with Eric Rosengren up next at 15.45 GMT and Esther George at 18.15GMT. Squeezing himself into all of that is the ECB VP Vitor Constancio at 18.15GMT

And I've just seen that BOE's Andy Haldane is due to speak in Scotland at 18.45GMT. Aren't we blessed?