UK services inflation proves too hot to handle in April, rate cut bets unravel - GBP risesThe April print was identified as a potential hurdle for the Bank of England after last year’s print marked the start of a reacceleration in inflation pressures that forced another rate hike from the BoE.
Headline CPI printed above expectations but has made significant headway within the overall disinflationary process. Core CPI also moved lower but not by as much as the headline measure, from 4.2% to 3.9% The incoming data has some meaningful ramifications for rate cut bets and the pound. Yesterday afternoon, the market expected a little over 50% chance that June would be appropriate for the first rate cut by the BoE.
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