Three consecutive downside inflation surprises and the slowest private-sector wage growth since 2020. It should be enough to convince investors that the Bank of England is entertaining interest rate cuts. Instead, investors are looking beyond disinflation to find reasons to stay bearish. Chief among them: new Prime Minister Andy Burnham’s expansionary fiscal bent and oil prices jolted by renewed conflict in the Middle East. Money markets continue to price about 40 basis points of BOE rate rises by the end of the year.
Three Inflation Misses Bring Little Joy to Bearish Gilt Traders
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