MNI BRIEF: Fed's Collins Sees Sept or Dec Cut This Year

MNI BRIEF: Fed's Collins Urges Patience On Judging Inflation

CORRECTED: MNI BOE WATCH: On Hold And Splits Set To Continue

MNI China Daily Summary: Tuesday, June 18

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY86 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: UK MAR-MAY MEDIAN PAY AWARDS +4.6% :Brightmine

MNI: US TSY TICS NET FLOWS IN APR +$66.2B

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI UK CPI Preview - May 2024: Services CPI in the spotlight

UK DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The MNI Markets team thinks that with the Bank of England very likely to keep rates on hold on Thursday and maintain consistent guidance, that the biggest UK event this week is the release of May CPI.
  • The median of the analyst previews that we have read (and the Bloomberg consensus) looks for services CPI in May to fall to 5.5%Y/Y, still notably above the BOE’s forecast of 5.26%.
  • The MNI Markets team thinks that there are two-way risks to the services CPI print, but in our view downside risks outweigh upside risks.
  • As we noted in our Labour Market Review, there wasn’t as large an increase in wages of “wholesaling, retailing, hotels and restaurants” in April as we had expected, we think there could be a larger reversal in accommodation and restaurants than expected.
  • We look at the main other downside and upside risks, as well as what this means for market pricing.
For the full MNI UK CPI Preview including summaries of over 20 sellside analysts' views click here.
166 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The MNI Markets team thinks that with the Bank of England very likely to keep rates on hold on Thursday and maintain consistent guidance, that the biggest UK event this week is the release of May CPI.
  • The median of the analyst previews that we have read (and the Bloomberg consensus) looks for services CPI in May to fall to 5.5%Y/Y, still notably above the BOE’s forecast of 5.26%.
  • The MNI Markets team thinks that there are two-way risks to the services CPI print, but in our view downside risks outweigh upside risks.
  • As we noted in our Labour Market Review, there wasn’t as large an increase in wages of “wholesaling, retailing, hotels and restaurants” in April as we had expected, we think there could be a larger reversal in accommodation and restaurants than expected.
  • We look at the main other downside and upside risks, as well as what this means for market pricing.
For the full MNI UK CPI Preview including summaries of over 20 sellside analysts' views click here.