May 14, 2024 06:05 GMT
Private sector regular pay below the BOE's forecast
UK DATA
- The key private sector regular wages number of 5.9%Y/Y in the 3-months to the end of March is the key here. That is in line with previews that we have read and 0.1ppt below the BOE's forecast.
- So at first glance this probably marginally increases the likelihood of a June cut- but the key remains next week's services CPI data (particularly as the BOE has deemphasised labour market data somewhat).
- No big moves in GBP FX here - and given we are broadly in line with market expectations we don't expect big moves in STIR / gilts off the back of this later either.
- More to follow.
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