UK: Times Reports UK Gov to Accept Pay Review Recommendations
The Times reports that "Teachers, junior doctors and police to get 6% pay rises"
From the piece:
- The prime minister has accepted the recommendations of all the independent pay review bodies despite concerns that they could fuel inflation. The government will not borrow more to fund the raises, meaning departments face a £3 billion squeeze on their budgets.
- Teachers will be given a 6.5 per cent pay rise in an attempt to end industrial action that has forced thousands of schools to close. Junior doctors will receive a pay rise of 6 per cent.
- Police and prison officers are expected to receive pay rises of 6 per cent, while armed forces personnel will receive rises of between 5 and 6 per cent.
Full piece here: https://www.thetimes.co.uk/article/5ccc1c94-20fc-1...
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ECB: MNI Preview: Tightening Towards The Stop
- The ECB will hike rates by 25bp and confirm the previous decision to end APP reinvestments in July.
- Absent a sharp drop in core inflation, we would expect the ECB to hike again in July.
- Even if the ECB were to raise rates further in September, this would likely be the last turn of the screw.
As other ECB watchers have commented, the June policy decision has been well-telegraphed: the deposit rate will almost certainly increase by 25bp and the previous decision to end APP reinvestments in July will be confirmed. The communication since the May meeting indicate that the dovish members concede that there is still some room to raise rates, while the more hawkish members are no longer calling for larger hikes (50bp+). Continuing to hike by a more modest 25bp is the compromise position that the GC seem to be aligning around.
For the full publication, please see: https://roar-assets-auto.rbl.ms/files/54106/MNI%20...
LIBOR: US FIX - 13/06/23
- O/N 5.06886 0.00015
- 1M 5.19329 -0.02471
- 3M 5.55200 -0.00543
- 6M 5.65043 0.011
- 12M 5.80343 -0.00843
SONIA: More upside structures
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