<p>ECB Minutes: <a target=“_blank“ href=“https://www.ecb.europa.eu/press/accounts/2022/html/ecb.mg221006~a5f7fb03f3.en.html“ target=“_blank“ rel=“nofollow“>Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 7-8 September 2022</a></p><p><a target=“_blank“ href=“https://newsquawk.com/headlines/ecb-minutes-inflation-was-far-too-high-and-likely-to-stay-above-the-governing-council-s-target-for-an-extended-period-projected-inflation-path-remained-tilted-to-the-upside-over-the-entire-projection-horizon-06-10-2022″ target=“_blank“ rel=“nofollow“>Newsquawks Bitesize Post</a></p><p>Key Points:</p><p>Inflation was far too high and was expected to remain above the governing council’s target for an extended period of time.</p><p>A large number of members favoured raising the key ECB interest rates by 75 basis points.</p><p>Expectations for inflation remained stable, and wage growth remained moderate, with little evidence of second-round effects.</p><p>Over the entire projection horizon, the risks associated with the projected inflation path remained skewed to the upside.</p><p>The size of the upward revision in the staff inflation projection for 2024 was not deemed large enough to necessitate a more aggressive response.</p><p>The expected slowdown in economic activity would not be sufficient to significantly reduce inflation.</p><p>Without a timely reduction in monetary policy accommodation, inflationary pressures caused by euro depreciation may worsen.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>US Challenger Layoffs: 29.989k (Previous 20.485k)</p>

This article was written by Ryan Paisey at forexlive.com.

<p> BoE: The move in gilt yields last week threatened to exceed the size of the cushion for many LDI funds.</p><p>They go on to say..Had BoE not intervened, a large number of pooled LDI funds would have been left with negative net asset value and would have faced shortfalls in the collateral posted to banking counterparties.This is basically an exercise by the BoE in making it clear that they singlehandedly saved the Gilt market – Some may beg to differ and side with ‚it was a storm in a tea cup‘ </p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577953767097602050?s=20&t=PlizH2fMlTkq9S3-dBknEQ“ target=“_blank“ rel=“nofollow“>BOE’s Cunliffe: Closely monitoring LDI funds to ensure resilience</a></p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577953712101900289?s=20&t=PlizH2fMlTkq9S3-dBknEQ“ target=“_blank“ rel=“nofollow“>BoE says it will unwind gilt market intervention once risks have subsided</a></p><p><a target=“_blank“ href=“https://www.forexlive.com/terms/g/gbp/“ target=“_blank“ id=“3a5ab7c1-ff09-45ea-87d4-eea6613bb754_1″ class=“terms__main-term“>GBP</a></p>

This article was written by Ryan Paisey at forexlive.com.

<p>Euro zone retail sales fell in August, data showed on Thursday, pointing to a weakness in consumer demand and underlining expectations of an approaching recession.</p><p>Eurozone Retail Sales YoY: -2% (Forecast -1.7%, Previous -0.9%)</p><p>The European Union’s statistics office Eurostat said retail sales in the 19 countries sharing the euro fell 0.3% month-on-month for a 2.0% year-on-year drop.Economists polled by Reuters had expected a 0.4% monthly fall and a 1.7% year-on-year decline.The fall in retail sales, seen as a proxy for consumer demand, underlines economists‘ expectations that the euro zone is likely to go in to a recession in the coming quarters, hit by the energy price shock created by the Russian invasion of Ukraine</p><p><a target=“_blank“ href=“https://ec.europa.eu/eurostat/documents/2995521/15131934/4-06102022-AP-EN.pdf/30dbcae1-1162-7035-4b3e-ae69a64df586″ target=“_blank“ rel=“nofollow“>Report</a></p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577947731120852992?s=20&t=yYCAGKkWQUrhJQvFPGzPkQ“ target=“_blank“ rel=“nofollow“>Reuters</a></p><p><a target=“_blank“ href=“https://www.forexlive.com/terms/e/eur/“ target=“_blank“ id=“b0427fd7-674c-4ad1-b689-22d1f8b087b0_1″ class=“terms__main-term“>EUR</a></p>

This article was written by Ryan Paisey at forexlive.com.

<p>British businesses‘ expectations for consumer price inflation in one year’s time rose to 9.5% last month, up from 8.4% in August, a Bank of England survey showed on Thursday.</p><p>Life gets increasingly difficult for the fine folks on Threadneedle Street</p>

This article was written by Ryan Paisey at forexlive.com.