Reported 5 months ago
Stronger-than-expected UK inflation data has led traders to reduce bets on interest rate cuts, diminishing Prime Minister Rishi Sunak's hopes for a June rate cut. The Consumer Prices Index rose 2.3% in April, higher than the forecasted 2.1%, putting the Bank of England's 2% inflation target within reach. As a result, the chance of a June rate cut has decreased, with traders now looking towards November for a potential move by the central bank. The data has sparked political narratives as both the Conservatives and Labour Party aim to address economic concerns ahead of an expected election.
Source: YAHOO