- But urges caution of further rate cuts
- Disinflation process is not yet complete
- US tariffs could have "quite substantial effects"
It's all about buying flexibility now for major central banks. The disinflation process has sort of hit a bump in the road and in the case of the UK, there will be concerns on stagflation. GBP/USD is up 0.4% to 1.2495 on the day but it owes much to a softer dollar.
