🇬🇧 UK composite PMI fell to a 13-month low in May while services input costs hit an all-time survey high
🇬🇧 Bailey anchors a hold before June's services CPI test
🇬🇧 UK CPI at 2.8% is the easy part. The DMO still has £252bn to sell into a 4.85% gilt market.
🇬🇧 Iran's shipping disruptions are landing in UK shop prices, and the BoE's room to cut in June is shrinking
🇬🇧 Non-food prices have turned positive in the UK, and the Budget is why
🇬🇧 UK's Q1 GDP beat was broad and real. The trade deficit is the asterisk.
🇬🇧 UK gilt vigilantes are back: 30-year yields at a 28-year high as bond markets price Labour's leadership crisis
🇬🇧 UK 10-year gilt yields break 5.00% for the first time since 2008. Back then, debt-to-GDP was 40%.
🇬🇧 Pill votes to hike at the April MPC, and the case for further UK rate cuts is looking thin
🇬🇧 Huw Pill's vote to hike says more about the BoE's rate path than the 8-1 hold does
