UK on target, markets take aim at France
UK inflation hits target, but NAB’s Gain friend explains why rate cuts will come back much later in the year. Meanwhile, with the US taking a day off, the focus has been on Europe, and debt in particular.
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Show Notes
Thursday 20th June 2024
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The UK, which has seen inflation rise to one of the highest levels, is also one of the first to get it down to target, with the headline rate down at 2% yesterday. Even so, the Bank of England won’t cut rates when they meet today, although perhaps three members of the panel might call for it. Het markets are now fully pricing the first cut at the back end of the year. NAB is expecting August. NAB’s Gavin Friend explains why the variety of opinions and expectations. He also talks about the EU’s plans to implement penalties for the large number of member states who are holding too much debt. Meanwhile, the Norges Bank and Swiss National bank meet today. He Swiss re expected to cut rates and win a football match.
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