BoE Survey Says Stagflation Survives
CFOs keep telling the BoE their prices will rise by 3.5% in 2026, with wage increases similarly substantial. There has been no significant break...
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Activity Thaws Into Winter
The worst services PMIs thawed in November, broadening growth even as averages held steady. Activity in the US services ISM has trended up to...
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EA: False Dawn For Disinflation
A surprise rise in EA inflation to 2.2% in November meant October’s long-awaited dip was a false dawn for a disinflationary consensus exceeded by...
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HEM: Dec-25 Views & Challenges
Volatile markets and policy guidance washed out, with pricing and forecasts little changed on the month. Bailey is biased to ease, but the BoE is...
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HEW: Slow Shovels
UK fiscal policy had an even smaller hole to fill than we expected, with the work to fill it in delayed until the election. There is no dovish...
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