The Bank of England just announced a 25 bps rate cut, bringing the benchmark rate to 4.00%.
Notably, one dissenter pushed for a more aggressive 50 bps cut, signaling growing concern about economic momentum.
As for the image above, it’s interesting, but it doesn’t accurately reflect global GDP contributions, where the U.S. and other Countries still accounts for the lion’s share.
Jobless Claims rose 7,000 to a still low 226,000. Continuing claims are still elevated and hit the highest levels since 2021. Rose 38,000 to 1.974M.
My take: we know the economy is slowing, other countries have lower and far lower Central Bank Rates. The pressure for not just September but more cuts through the end of the year which should drive interest rates down.
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