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Bailey signals that interest rate cuts are on the way in the UK while the US struggles with stubborn inflation.

Bailey signals that interest rate cuts are on the way in the UK while the US struggles with stubborn inflation.


The FTSE 100 fell 1.82%, its worst decline in nine months. European stock markets also fell more than 1%.

Hopes for multiple U.S. interest rate cuts this year, which would boost global growth, have faded after a string of strong economic data.

U.S. inflation rose to 3.5% in March from 3.2% the previous month and was higher than economists expected.

Higher interest rates weigh on stocks as companies' borrowing costs rise and their cost of capital rises, while stocks must compete with higher returns on other investments such as bonds and cash.

Trevor Greetham, head of multi-asset at Royal London, said investors were caught between concerns about escalating Middle East conflict and concerns that strengthening U.S. growth and/or rising core inflation could make it difficult for central banks to cut interest rates as much as before. He said he was going in circles. I hoped.

Markets began to backtrack after Israeli military commander Herzi Halevi said the country had no choice but to respond to Tehran's barrage of more than 300 missiles.

Brent crude, the international benchmark, briefly rose above $90 a barrel but fell again after no action from Israel.

Warren Patterson, head of product strategy at ING, said the prospect of Tel Aviv's response to Iran means these uncertainties and tensions will persist for quite some time.

As tensions rise, EasyJet suspends flights to Israel throughout the summer season. The service, which was due to resume on Sunday, will now not run until the start of the winter timetable in October.

Speaking at the IMF event, Mr Bailey said the global economy remained resilient despite geopolitical stability. He said: I think we're seeing very encouraging signs. I see resilience in global economic activity, but I think we are seeing disinflation.

But he urged politicians to support free trade and warned that fragmentation remained a serious problem.

The Governor said: I know that the experience we have means we must diversify to become more resilient in our trade and international connections, but this does not mean we are abandoning free trade.

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