The UK continues to piece together its economic recovery. Households might be turning a little less cautious (savings levels have been very high of late) and the housing market looks to be getting back into recovery mode after a brief hiatus through H1. But the current sweet spot for household income growth looks set to give way to more paltry gains. Not least because of the economy’s inability to crack the productivity code. In the Eurozone, inflation continued its difficult last mile down, while US inflation data, registering its slowest pace of increase this year, should support the Fed’s intention to cut rates later this month.
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