bullish

Services Requesting Rate Hikes

355 Views23 May 2023 23:56
SUMMARY
  • The Flash PMIs diverge between manufacturing’s depression and rudely resilient services activity. It’s a similar story for the UK, EA, and US as they resist recession.
  • Their unemployment rates are lower than a year ago, except in the UK, where there has been a slight rise of questionable statistical significance.
  • Persistent excess demand is inconsistent with ending the inflation problem. We still expect another BoE hike and two from the ECB. Further Fed steps could extend that.
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Phil Rush
Chief Economist
Heteronomics
United KingdomMulti-AssetMacroeconomicsCross Asset Strategy
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