BOE Should Be More Hesitant to Raise Rates Than ECB -- Market Talk

Dow Jones06-12 19:31

1130 GMT - The Bank of England's greater reluctance to hike interest rates than central banks in Europe seems justified, Berenberg analysts say in a note. The U.K. has a weaker labor market than the eurozone, while the service sector is no longer driving inflation as prominently, they say. Meanwhile interest rates were more restrictive ahead of the energy shock, and fiscal conditions remain tighter, the analysts say. After a strong start to the year, the country now faces a downturn in activity as the war in Iran drags on activity, they add. The first quarter was already weaker than it seemed due to "a statistical illusion" caused by a change in seasonal spending patterns since the pandemic. "We forecast a summer of stagnation, with zero quarterly GDP growth in 2Q and 3Q," the analysts say. (don.forbes@wsj.com)

(END) Dow Jones Newswires

June 12, 2026 07:31 ET (11:31 GMT)

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