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Today's Top Market Headlines – Jun 15, 2017
Carney's Quiet Period Ends With U.K. Demanding Attention

·BOE set to announce policy decision after slew of weak data
·Governor is also set to speak in London on Thursday evening

The Bank of England might have been in a quiet period, but the U.K. economy
certainly has not.
It’s been more than a month since Governor Mark Carney last spoke publicly
and, in that time, plenty has changed. Growth has been revised the wrong way,
inflation is going up faster than anticipated, real wages are sliding, and now a
disastrous election for the Prime Minister has raised new questions over
Brexit, adding a fresh source of economic uncertainty.
While the backdrop changed dramatically during the pre-election and rate
decision purdah period, economists say the BOE itself won’t do anything when
it makes its latest policy announcement at noon in London on Thursday. With
no change in interest rates in the offing, the focus will be on the eight policy
makers’ latest assessment and, just hours later, a speech by Carney himself at
the annual Mansion House address in the heart of London’s financial district.
by Fergal O’Brien
June 15, 2017, 2:01 AM GMT+3 June 15, 2017, 12:04 PM GMT+3
Source: https://bloom.bg/2rjSXVc

Yellen Doubles Down on Bet Hot Job Market Stokes Inflation

·Fed chief counsels against overreacting to recent price data
·Economists caution her gamble hinges on a 60-year-old theory

Federal Reserve Chair Janet Yellen is pressing ahead with plans to normalize
monetary policy, betting that the ongoing strength of the labor market will
ultimately prevail over the recent weakness in inflation.
In a press conference on Wednesday after the Fed raised interest rates for the
second time in 2017, Yellen played down a softening of price pressures in the
last few months and voiced confidence the central bank was on course to hit its
2 percent inflation goal.
by Rich Miller
June 15, 2017, 12:18 AM GMT+3 June 15, 2017, 12:39 AM GMT+3
Source: https://bloom.bg/2t3yhlH

U.K. Retail Sales Fall More Than Forecast as Squeeze Hits

·Sales volumes ex-fuel decline 1.6%, biggest drop this year
·Every retail category bar fuel saw sales decline last month

U.K. retail sales plunged in May for the second time in three months as rising
inflation ate into the purchasing power of consumers.
The volume of goods sold in stores and online fell 1.2 percent from April, more
than the 0.8 percent decline forecast in a Bloomberg survey. Sales excluding
auto fuel dropped 1.6 percent, the most this year.
by Jill Ward
June 15, 2017, 11:30 AM GMT+3 June 15, 2017, 12:05 PM GMT+3
Source: https://bloom.bg/2runP9E

BOE Policy Split Deepens as Three Officials Seek Rate Hike

·Forbes, Saunders, McCafferty seek 25 basis-point increase
·BOE says inflation overshoot may be bigger than anticipated

The split among Bank of England policy makers widened this month as two
officials joined Kristin Forbes in her call for a rate increase, warning that
inflation could rise more than previously thought.
In the biggest division on interest rates in six years, the Monetary Policy
Committee voted by five members to three to maintain the key interest rate at
a record-low 0.25 percent. Michael Saunders and Ian McCafferty broke ranks
to demand an immediate hike to 0.5 percent.
by Fergal O’Brien
June 15, 2017, 2:00 PM GMT+3 June 15, 2017, 2:55 PM GMT+3
Source: https://bloom.bg/2rzfFs4