BoE talks cuts, soonish. Market unphased.
Friday 10th May 2024
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There wasn\u2019t much market reaction as the Bank of England kept rates on hold but said what many already knew, that they will have to cut rates in the coming months. The ECB seems wedded to the idea of a June cut, with the accounts of their last meeting out today, but there is some speculation about how quickly they will follow through. Canada\u2019s unemployment is expected to tick higher, adding pressure for a rate cut there although, as NAB\u2019s Rodrigo Catril points out, it\u2019s wage inflation that really counts. The UK is expected to see GDP return to positive territory today, and China\u2019s PPI and CPI numbers are out over the weekend.
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