The upcoming UK GDP is expected to show no growth for the three months through May. The June US CPI will give the ammunition the Fed needs to justify a 75-bps hike. The BoC will likely raise rates by 75-bps.
The Bank of England has been issuing caution about the UK’s growth trajectory for several months now, and those fears are being close to realized as incoming UK GDP data appears to be disappointing. According to a Bloomberg News survey, the three-month growth rate is set to fall to 0%, while year-over-year reading is expected to decline from +3.4% in April to +2.7% in May.
According to a Bloomberg News survey, headline US inflation is due in at +8.8% y/y in June from +8.6% y/y in May, but the core reading is expected to ease from +6% y/y to +5.7% y/y. Fed funds futures suggest that there are 175-bps worth of rate hikes due between now and the end of 2022
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