Trump Tariffs Could Force Bank of England's Hand -- Market Talk

Dow Jones04-08

0640 GMT - U.K. policymakers now look likelier to cut interest rates in the months ahead as a global tariff war risks weighing on the economy and the jobs market, Pantheon Macroeconomics' Robert wood and Elliott Jordan-Doak write in a note to clients. The effect of Washington's tariffs is likely to both drag growth and act as a brake on attempts to bring U.K. inflation lower, Wood and Jordan-Doak say, as trade fragmentation will cut productivity and lift costs. But the Bank of England is likely to be more concerned with the hit to the economy, making cuts to the bank rate in May and June a strong possibility despite still-strong annual inflation, the economists say. "Ultimately, we are looking at a global stagflationary recession if Trump fails to change course soon," they warn.(joshua.kirby@wsj.com; @joshualeokirby)

(END) Dow Jones Newswires

April 08, 2025 02:41 ET (06:41 GMT)

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