Contrary to market pricing, we think the combination of a fragile jobs market and cooling core inflation should help unlock Bank of England rate cuts in 2027. The UK Is Not Like the US – Rates Are Still Restrictive. US Fed Chair Kevin Warsh’s hawkish antics at Jackson Hole, together with the latest rise in energy prices, mean markets are now pricing three rate hikes from the Bank of England over the next 12 months. [...]