Quick Take The UK jobs report was released today (June 13,) with unemployment reaching a low of 3.8%, which was lower than the forecasted 4%. Other metrics indicate wage-price spirals and persistent inflation, complicating the Bank of England’s efforts to manage the economy. Controlling inflation in the UK may require an economic downturn, notably a recession. As a result, yields across the yield curve have skyrocketed. The two-year yield reached its highest level since 2008, with other yields continuing to climb, reminiscent of the financial challenges of the mini-budget experienced last October. UK pay growth and services inflation: (Source: MacroScope) Yields: (Source: TradingView)

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