BoE Chief Economist Pill: Early Wage Data Shows Inflation Still Above Target

Pill is flagging wage data as the live variable in the inflation debate, which matters because it shifts the burden of proof onto services and pay rather than headline energy effects. For UK rate-sensitive sectors, including tokenized gilts and sterling-denominated RWA yields, the takeaway is that the easing path stays data-dependent and slower than markets may have priced. Whether wage growth actually moderates in the next prints, and how the rest of the committee frames the same evidence, is the open question.