アメリカ失業者継続受給申請件数

アメリカ最初の失業保険申請件数

アメリカ失業保険申請件数 4週間平均

アメリカフィラデルフィア連銀製造業指数

The yield on the UK 10-year Gilt whipsawed to the 4.62% mark on Thursday after the Bank of England held its Bank Rate unchanged at 4%, as expected, and slowed the pace of its quantitative tightening. The MPC voted by 7-2 to hold its rates unchanged, aligned with what markets had penciled, and hinted that more rates are likely in their gradual easing cycle. In the meantime, the central bank eased its quantitative tightening pace to reflect a annualized rundown of GBP 70 billion for longer-dated bonds, compared to the earlier pace of GBP 100 billion. The slower pace of quantitative tightening reacted to recent stress in the longer-end of Gilt maturities as fiscal concerns and a high policy rate drove yields on the 10-year and 30-year securities to trade higher than G7 counterparts. Additionally, concerns of higher supply of Gilts by the Debt Management Office recently drove interest rate swaps to below yields of comparable maturities, another sign of fiscal stress by the government.

UK 10-Year Yield Inch Lower after BoE

The British pound consolidated gains above $1.36, trading near its strongest level since early July, after the Bank of England left interest rates unchanged and struck a cautious tone on future policy moves. Policymakers kept the Bank Rate at 4% but warned that upside risks to medium-term inflation remain significant. They stressed that monetary policy is not on a pre-set course, and that the timing and pace of any policy loosening will depend on how quickly underlying disinflationary pressures continue to ease. This stance stands in contrast to the more dovish approach of the US Federal Reserve. On Wednesday, the Fed delivered a widely expected 25 bps rate cut and signaled another 50 bps of reductions by year-end. However, Chair Jerome Powell framed the move as a “risk management” adjustment rather than the beginning of a new easing cycle.

Pound Holds Firm as BoE Strikes Cautious Tone, Diverging From Fed Easing

The Bank of England voted 7–2 to keep Bank Rate unchanged at 4%, with two members favoring a 25 bps cut to 3.75%. The MPC also voted 7–2 to slow quantitative tightening, reducing gilt holdings by £70 billion over the next year, to £488 billion. Policymakers highlighted progress in disinflation after past shocks, supported by restrictive policy, though inflation remains above target. CPI stood at 3.8% in August and is expected to rise slightly in September before trending back toward 2%. Wage growth, while still elevated, has eased and is forecast to slow further, while services inflation has remained steady. The MPC flagged upside risks to medium-term inflation but noted subdued GDP growth, a loosening labor market, and slack in the economy. Looking ahead, the committee stressed a gradual, data-driven approach, with no pre-set path for rate cuts, keeping flexibility to respond to future developments.

BoE Keeps Rates Steady

India's BSE Sensex closed about 0.4% up at 83,014 on Thursday, a high level not seen since July 10 and extending gains for a third  straight session. Gains were led by IT and pharmaceutical shares as the Federal Reserve resumed policy easing and hinted at more cuts, while optimism over ongoing US-India trade talks added support. The pharmaceutical sector received an additional boost from favorable regulatory actions by the US drug regulator involving other Indian companies.

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