“Taylor Swift pushes back August Rate Cut Expectations” really should be the headline in ALL the papers tomorrow as the Eras tour was possibly the case for sticky services inflation as Hotel booking prices caused a 8.8% rise in June vs May as Swifties across the world flock to the UK and Hoteliers take advantage! This, plus strong GDP growth and recent sterling appreciation reduce the case for a cut in Bank Rate at the 1 August MPC meeting and we now look for no change in August. There wasn’t a…
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