UK inflation soars

UK and European markets are expected to open higher this morning as investors wait for the outcome of the US Fed’s two-day meeting today.

UK inflation soars

UK inflation data just released by the Office for National Statistics shows that UK CPI hit 2.1% in May, exceeding the BoE’s target of 2%.

Globally, investors wait for the outcome of the US Fed’s two-day meeting today. The US central bank is not expected to announce any policy changes but any forecasts will be scrutinised closely. Markets could be moved today by comments regarding the Fed’s attitude to ongoing inflationary pressures; note that on Tuesday, data indicated US producer prices rose 6.6% over the past 12 months, the fastest increase on record. US retail sales fell more than expected falling 1.3% in May.

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