2023-6-21 12:01 |
Quick Take The U.K. Consumer Price Index (CPI) for May came in at 8.7%, year-over-year (y-o-y) – matching the previous month – but above the forecasted rate of 8.4%. Core CPI increased to 7.1% y-o-y, coming in above expectations of 6.8% – suggesting a continuing acceleration of inflation. Moreover, the UK’s net debt has reportedly surpassed 100% of its Gross Domestic Product (GDP) for the first time since 1961, as noted by PIQ. Despite pricing in a 6% interest rate and the potential for a 50 basis point rate rise tomorrow, the pound remained weak against the dollar, further indicating economic pressure. Yields across the curve continued to explode, with the front end jumping as much as 7%. Yields: (Source: TV) Core Inflation: (Source: Trading Economics)
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