BOE's Tight Vote For Rate Cut Reflects Varying Private-Public Jobs Sector -- Market Talk

Dow Jones12-18 21:00

1300 GMT - The Bank of England's tight 5-4 vote to cut interest rates Thursday reflects contradictory indicators driven by private and public sector employment, Franklin Templeton strategist Michael Browne says in a note. "The wage picture reveals the real story: private sector wages are rising just 3.7% year-on-year (barely above inflation), while public sector wages surge at 8.1%." Since March, private sector wage growth has decelerated from 5.6% while public sector growth accelerated from 4.9%, he says. This explains the 5-4 vote and painfully slow rate cuts, he says. Franklin still expects inflation to fall below 2% in the second half, justifying more than the two rate cuts priced in. If the public sector slows, rates could fall to 2.5%, he says. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

December 18, 2025 08:00 ET (13:00 GMT)

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This explains the 5-4 vote and painfully slow rate cuts, he says. Franklin still expects inflation to fall below 2% in the second half, justifying more than the two rate cuts priced in. If the public sector slows, rates could fall to 2.5%, he says. 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This explains the 5-4 vote and painfully slow rate cuts, he says. Franklin still expects inflation to fall below 2% in the second half, justifying more than the two rate cuts priced in. If the public sector slows, rates could fall to 2.5%, he says. 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This explains the 5-4 vote and painfully slow rate cuts, he says. Franklin still expects inflation to fall below 2% in the second half, justifying more than the two rate cuts priced in. If the public sector slows, rates could fall to 2.5%, he says. 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Franklin still expects inflation to fall below 2% in the second half, justifying more than the two rate cuts priced in. If the public sector slows, rates could fall to 2.5%, he says. 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