JPMorgan: Economic slowdown will not lead to a rate cut by the Central Bank of the United Kingdom today

Jinshi data news on September 19th, although a series of weak economic data were released in the UK last week, JPMorgan believes that the UK Central Bank is unlikely to cut interest rates again at Thursday's meeting. Although the recent slowdown in wage rise has increased the credibility of the UK Central Bank's assessment of the wage-price cycle disappearing, overall, the labor market is still tight. The GDP data for July released last week was weaker than expected, but this does not indicate a new trend. Other indicators of economic activity, such as PMI, indicate that the UK economy is still firmly in an expansion state. Therefore, the UK Central Bank may be more willing to wait until the November meeting to reassess the need for further relaxation of monetary policy. In the process, it may also take into account the potential impact of the upcoming UK budget and the results of the US election on the macroeconomic outlook. In addition, it is expected that the UK Central Bank will expand the scale of the QT plan to 120 billion pounds.