First the ECB, now the BOE…. are Powell and the Fed behind the curve here? Who knows but the BOE decision today was a coin toss but they decided to cut rates, split 5:4 in terms of votes showing just how finely balanced this decision was. On services inflation the MPC view is that, excluding volatile and indexed prices, service inflation is lower than the headline rate suggest. The market was quick to price in a further 2x cuts this year here in the UK though we do not expect any further easing…
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