The UK consumer price index came in this morning with a slight rise to 2.2%. This was the first month on month increase in 2024 and takes the datapoint above the Bank of England's target just as they have initiated their first rate cut. However, the increase was broadly expected and interestingly the sharp fall in services inflation led to a smaller than forecast upwards move, which may fill the BoE with comfort in their recent cut. The US followed later in the trading day with a 0.2% increase to a 2.9% year on year increase against a forecast 3%, paving the way for the increasingly consensus call of a September rate cut.