After the recent run of upbeat economic news the Monetary Policy Committee’s decision to raise rates this week came as little surprise. And the hawkish tone of the Minutes and Inflation Report lent some support to our view that interest rates are likely to rise by more than investors currently expect. Meanwhile, the PMI surveys suggested that the economy made a reasonable start to Q3, but growth would have to pick up a little further to meet our forecast for the year as a whole.
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