Weekly Market Commentary - 12 May 2023

This week there is further evidence of the split emerging between the US Federal Reserve and central banks on this side of the Atlantic. The small decline in US inflation takes the pressure off the Fed as it can argue that it should now be given time to see if its efforts have paid off. Over here the data is far from convincing. GDP growth remains weak, at just 0.1% for the first quarter. Unemployment is very low and wages are rising, but signs of weakness are emerging - particularly in employers’ preference for temporary staff over permanent hiring. As the Bank of England has conceded that inflation will remain higher for longer markets now expect several more hikes before it is ready to pause for reflection.

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