Whose Chain Are Central Banks Pulling?

Market moves have been fairly muted as investors await more news on the US debt ceiling. A bill to extend borrowing was introduced by the US Republican Party leaders on Monday and is expected to be approved by the US House of Representatives later today. Until then, most asset classes' ranges will surely remain intact. Euro-peripheral yields are trading close to flat; following yesterday's well-received Spanish issues.

On the data front, UK calendar releases hogged the limelight early morning, while the rest of the UK watched Prime Minister Cameron give a speech on whether his country should remain within the EU. He indicated that the UK's national interest was best served in “a flexible, adaptable and open EU” and it “would be best that the UK was in it.” He has vowed to hold a general referendum before his term ends within 30-months.

The Bank of England MPC minutes were every bit as interesting as his speech. Published earlier this morning, it...