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πŸ‡¬πŸ‡§ The Bank of England's first hawkish dissent in this cutting cycle is a stagflation warning

πŸ‡¬πŸ‡§ The Bank of England's first hawkish dissent in this cutting cycle is a stagflation warning

The Bank of England held Bank Rate at 3.75%, but the meeting's first hawkish dissent of the cutting cycle matters more. UK construction PMI sub-indices just hit their weakest levels since 2020, while CPI sits at 2.8%.

Screenshot of ONS UK real-time indicators dashboard with consumer behaviour section and line chart of Revolut debit card spending index 2024-2025.
The Office for National Statistics updated its real-time indicators dashboard today with experimental data from rapid-response surveys and novel sources. Source

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