UK economic indicators pointed to persistent disinflation trends last week, even as uncertainty remained elevated. Bank of England ("BoE") Deputy Governor, Sarah Breeden, reinforced the case for policy easing, noting inflationary pressures are fading and labour market risks warrant caution. Several Monetary Policy Committee members echoed this sentiment in parliamentary appearances, with Swati Dhingra flagging downside risks to growth and Catherine Mann warning of tensions between rate cuts and quantitative tightening. The final composite Purchasing Managers' Index (“PMI”) in May improved to 50.3, led by a rebound in services, but backlogs declined and cost pressures persisted. The Confederation of British Industry’s (“CBI”) private sector growth indicator slipped to a two-year low, and BoE’s Decision Maker Panel survey saw little movement in inflation expectations...

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