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UK Inflation Stable, Fed Chair Hints at Rate Cuts
2024-07-17 23:55:09
Economy
Inflation
Markets

UK Inflation Stable, Fed Chair Hints at Rate Cuts

UK inflation remains at 2% in June, defying expectations of a further dip. Fed Chair Powell hints at upcoming rate cuts in the US, with traders anticipating at least two cuts by the end of 2024. Financial markets see a 35% chance of an August rate cut in the UK.

The pound has risen slightly against the dollar. European stock markets open lower, while Asian markets show mixed results.

HSBC appoints its finance chief as the new CEO. Inflation in the UK is driven by rising prices in restaurants, hotels, and live music events, potentially influenced by Taylor Swift's concerts.

The Bank of England's rate decision on August 1 will be closely watched.

Related news on that topic:

ECB decides to maintain key interest rates in the euro area

The European Central Bank (ECB) has decided to keep the interest rates unchanged in the euro area. Following a series of rate hikes in response to high inflation, the ECB made its first rate cut in June. However, with inflation still above the target of 2%, the central bank has opted for a pause in its monetary policy. The ECB expects inflation to remain high for some time. The decision comes amidst concerns over the weakening economy in the Eurozone, as several indicators and economic data have disappointed in recent months. The ECB's next steps will be closely watched, as many economists predict further rate cuts to achieve the inflation target. The central bank remains cautious and has not committed to a specific path for interest rates.

UK Inflation Holds Steady at 2% Amidst Rate Cut Speculation

The UK's annual inflation rate remained unchanged at 2% in June, hitting the government's target for the second consecutive month. The Bank of England is considering rate cuts amidst concerns over rising energy prices and other factors that could keep inflation high. Financial markets now see lower chances of a rate cut at the Bank of England's next meeting, with the pound strengthening to a one-year high against the dollar. Economists are divided on whether the Bank should prioritize economic concerns or inflation risks. Fed Chair Powell has hinted at upcoming rate cuts in the US, with traders betting on at least two cuts by the end of 2024. However, the Fed is expected to hold rates steady at its July meeting. The inflation figures in the UK will be the last data the Bank of England sees before deciding on a potential rate cut on August 1. The decision will be influenced by upcoming wage data and the ongoing stickiness of services inflation.

Read 2 more recent news on this topic

The press radar on this topic:

The Guardian
16. Juli 2024 um 13:23

UK grocery inflation falls to 1.6%; Fed chair Powell hints at US rate cuts – business live

Economy
Finance
Politics
Fed Chair Powell signaled upcoming US rate cuts, with traders betting on at least two by end-2024, though the Fed is expected to hold rates steady at its July 30-31 meeting, with the federal funds rate currently at 5.25-5.50%.
The Guardian
17. Juli 2024 um 13:21

UK inflation stays at 2%, defying forecasts of a further dip – business live

Economy
Finance
Politics
Financial markets now see a 35% chance of an August rate cut, down from nearly 50% earlier this morning, and the pound has risen by 0.2% against the dollar to $1.2994. Sanjay Raja, chief UK economist at Deutsche Bank, said: For the majority of the MPC [ monetary policy committee], today’s inflation report won’t be as encouraging as it may have anticipated. Undoubtedly, today’s services print raises the bar for an August rate cut. But there is a key caveat here. With live music and accommodation..
Yahoo News
17. Juli 2024 um 14:14

Trump turns up heat on Fed ahead of expected rate cuts: 'It's something that they know they shouldn’t be doing.'

Politics
Economy
Finance
June CPI data shows core inflation slowing, supporting Fed's case for rate cuts. Powell signals time for cuts is getting closer.
EL PAÍS
17. Juli 2024 um 18:12

The Federal Reserve confirms the economic cooling that will lead to rate cuts from September

Economy
Finance
The Federal Reserve confirms economic cooling in the US; Beige Book shows stagnant or declining activity in 5 districts; Federal Reserve prepares to cut interest rates from September.
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