Snapshot - Economic & Strategy Viewpoint

Janet Mui: weekly economic update 11 July

The US Federal Reserve now looks likely to cut interest rates later this month. In the UK, activity remains subdued.

11/07/2019

Janet Mui

Janet Mui

Global Economist

Powell focused on risks to US economy

The chairman of the Federal Reserve chose to emphasize the risks of slowing global growth in his semi-annual report to the US Congress. This was seen as a clear signal that the Fed will cut interest rates when it meets at the end of July.

UK economic activity remains sluggish

UK output increased very slightly in May, following a weak April. However, businesses and consumers remain cautious and the Bank of England is likely to adopt a more dovish stance.

Latest data suggests Chinese inflation remains contained

There is little sign of underlying inflationary pressure in the Chinese economy, despite a sharp rise in the price of pork. This gives Beijing more scope to implement accommodative monetary policy if needed.  

 

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