BoE boldly goes where the Fed feared to tread

Friday 2nd August 2024

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The US share market has taken a bit of a beating after US manufacturing numbers came in a lot softer than expected. It was another sign of a US slow down that has some clearly wondering whether the Fed will cut more this year. There is no waiting for the BoE. They cut rates but NAB’s Gavin Friend says it was a finely balanced decision. Services inflation continues to be the UK’s Achilles heal, but their manufacturing numbers are doing better than most. Tonight all eyes will be on the US non-farm payrolls, particularly as Jerome Powell has indicated that the fed will be looking closely for any slowdown on the jobs market as, with inflation largely under control, it focuses more on the second part of its dual mandate.

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