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According to institutional analysis, as Taylor Swift, the American pop star, enters the UK station on her "Time Tour" global tour and continues to stimulate local consumer spending, the Bank of England's efforts to fight inflation may not be over.
TD Securities said that as hundreds of thousands of "mold powder" poured into London in August to watch her last performances in the UK, economic growth may be enough to delay the possible interest rate cut in September.
"We still expect the Bank of England to cut interest rates in August, but the inflation data of that month may keep the Monetary Policy Committee unchanged in September," Lucas Krishan, the bank's macro strategist, and James Rossiter, the head of global macro strategy, wrote in a report on Friday.
The Bank of England is expected to soon start cutting interest rates from a 16 year high of 5.25%. According to the survey, most economists expect to cut interest rates in August, while the financial market expects it in September.
However, analysts of Dow Securities said that if the "Mouldy" August tour date conflicts with a key inflation index date, it may distort the data and make the bank reconsider its path.
The two analysts wrote: "The soaring hotel prices may be substantial, temporarily pushing up service inflation by 30 basis points (overall inflation+15 basis points)."
The Grammy Award winner started her trip to England in Edinburgh, Scotland earlier this month. Edinburgh said that concerts and related expenditures contributed about 77 million pounds (about 98 million dollars) to the local economy. Barclays Bank said in another report that the "musty" trip to the UK may bring about 1 billion pounds of income to the UK economy.
Daoming Securities said that the latest data showed that during the visit of "Meimou" to the Scottish capital last weekend, the increase of hotel prices was "more than usual", while the upward pressure on Liverpool was less obvious. Last Thursday, Mouldy ended her trip to northwest England in Liverpool.
The Bank of England will hold a meeting next Thursday to announce the latest interest rate decision and provide its outlook on the future inflation trend.
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