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Review of the week: 13 May 2024

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A run of weaker data is rekindling expectations of US interest rate cuts. They’re more likely to arrive on the other side of the Atlantic, yet even there risks of overoptimism remain.

Quick take:

  • US jobs growth slowed significantly in April, with nonfarm payrolls dropping to 175,000 from 315,000 the previous month
  • The University of Michigan Consumer Sentiment Survey plummeted from 77.2 to 67.4 in May as Americans became more downbeat on inflation
  • The number of Bank of England policymakers voting to cut interest rates doubled to two last week, raising expectations of a summer cut in the UK 

 The Review of the week is for use with all clients, IFAs and professionals.