FLASH: UK PMIs not pointing to an immediate hike
- The UK services PMI fell slightly further in June, to 53.4, consistent with the consensus and EC survey. It indicates GDP growth below my 0.4% forecast.
- With the manufacturing PMI falling back in June, the composite is at levels consistent with no change in monetary policy. The hawkish trade-off is pushing the MPC in that direction, but there is little pressure to deliver it in August
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