Kingdom

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United

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<h2 id="quick-take">Quick Take</h2>
<p>Recent data reveals a significant development in global financial markets as inflation rates in the United Kingdom have exceeded <a href="https://tradingeconomics.com/united-kingdom/inflation-cpi" rel="noopener noreferrer nofollow">consensus predictions</a>. Notably, the headline inflation year-over-year for September stood at 6.7%, marginally surpassing the consensus of 6.6%, while the year-over-year core inflation landed at 6.1%, against the predicted 6%.</p>
<figure id="attachment_365936" aria-describedby="caption-attachment-365936" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365936 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/UKCp.png" alt="UK inflation data: (Source: Trading Economics)" width="1053" height="165" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/UKCp.png 1053w, https://cryptoslate.com/wp-content/uploads/2023/10/UKCp-300x47.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/UKCp-1024x160.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/UKCp-768x120.png 768w" sizes="(max-width: 1053px) 100vw, 1053px">
 <figcaption id="caption-attachment-365936" class="wp-caption-text">
  U.K. inflation data: (Source: Trading Economics)
 </figcaption>
</figure>
<p>These figures underscore the persisting challenge the Bank of England faced in its quest to stabilize the economic climate, especially given the sustained core inflation rate that has remained anchored at over 6% throughout the past year, three times the Bank Of England’s target.</p>
<figure id="attachment_365947" aria-describedby="caption-attachment-365947" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365947 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/Core2.png" alt="UK Core inflation rate: (Source: Trading Economics)" width="899" height="610" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Core2.png 899w, https://cryptoslate.com/wp-content/uploads/2023/10/Core2-300x204.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/Core2-768x521.png 768w" sizes="(max-width: 899px) 100vw, 899px">
 <figcaption id="caption-attachment-365947" class="wp-caption-text">
  U.K. Core inflation rate: (Source: Trading Economics)
 </figcaption>
</figure>
<p>The U.S. also grapples with similar concerns on the other side of the Atlantic. The potential for further interest rate hikes looms, with probabilities increasing to 40% for a decisive move in either December or January, which would take the federal funds rate to 5.50-5.75.</p>
<figure id="attachment_365937" aria-describedby="caption-attachment-365937" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365937 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/fed2.png" alt="Meeting Probabilities Fed: (Source: CMEgroup)" width="555" height="271" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/fed2.png 555w, https://cryptoslate.com/wp-content/uploads/2023/10/fed2-300x146.png 300w" sizes="(max-width: 555px) 100vw, 555px">
 <figcaption id="caption-attachment-365937" class="wp-caption-text">
  Meeting Probabilities Fed: (Source: CME group)
 </figcaption>
</figure>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bank-of-england-wrestles-with-stubborn-inflation-as-u-s-eyes-rate-hikes/">Bank of England wrestles with stubborn inflation as U.S. eyes rate hikes</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Bank of England wrestles with stubborn inflation as U.S. eyes rate hikes

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