Market Information Tuesday 14 October 2025

Bank of England MPC member Megan Greene said further easing is still on the table but warned the UK’s disinflation “may be slowing,” noting that policy remains restrictive even after the Bank Rate was lowered to 4.0%. She flagged that headline CPI was 3.8% y/y in August and is expected to be around 4% in September, still well above the 2% target and the highest among G7 peers. Markets currently anticipate the next reduction no earlier than 2026, reflecting caution over lingering upside inflation risks.

Gold extended its record run, with spot touching about €3,547/oz and U.S. futures near €3,565/oz, as renewed U.S.–China trade tension and expectations of additional Fed easing boosted safe-haven demand. Earlier in the session, prices printed a fresh record around €3,526.34/oz. Banks have lifted targets, with BofA now seeing €4,322/oz in 2026 (avg. €3,803), while flagging scope for near-term corrections.

Early evidence indicates U.S. firms and consumers are absorbing most tariff costs: researchers tracking 359k products find import prices up approximately 4% since early March and domestic prices up approximately 2%, while average U.S. import taxes have risen from 2% to 17%. Reuters notes duties now total roughly €25.9bn per month; Fed estimates suggest tariffs are adding 30–40 bps to core inflation, with a Boston Fed back-of-the-envelope at 75 bps. Companies from Procter & Gamble to EssilorLuxottica have announced price hikes as pass-through continues.

The 6M Euribor is unchanged at 2.10% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.63% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.