Out of the frying pan, into the fire...
Global deflationary pressures are mounting. There was a raft of rate cuts on November 6. The Bank of England, Swiss National Bank and Czech national bank surprised the markets by cutting 150, 50 and 75 basis points respectively. Following these moves, the European Central Bank's 50bp cut that was expected at the beginning of the day came as a disappointment. Where next? Our economists now expect UK rates to be cut by 50bp in each of the next three meetings, reaching 1.5% by February. Clearly
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