Pantheon Publications
Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
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Rob Wood (Chief UK Economist)
HOUSE PRICES REBOUND IN MAY...
- ...AND WILL CONTINUE TO RISE IN H2
Rob Wood (Chief UK Economist)UK
- The MPC cut by 25bp but was much more hawkish, with a tighter-than-expected 5-to-4 vote in favour.
- The MPC added more cautious guidance, lifted its inflation forecasts and said upside risks had risen.
- So, we maintain our forecast for no more rate cuts this year, which the market moved closer to pricing.
Rob Wood (Chief UK Economist)UK
- In one line: Car registrations will bounce back as borrowing costs fall and the market normalises after duty hikes.
Rob Wood (Chief UK Economist)UK
- In one line: Enough for the MPC to cut, but inflation is proving persistent.
Rob Wood (Chief UK Economist)UK
- In one line: The PMI should gradually improve as borrowing costs fall and the Government spends big.
Rob Wood (Chief UK Economist)UK
- We expect CPI inflation to rise to 3.7% in July from 3.6% in June, as motor fuels and airfares rise.
- CPI collected close to school vacations should boost travel prices, while domestic hotel prices likely rose.
- We expect inflation to peak at 4.0% in September and still be at 3.7% in December.
Rob Wood (Chief UK Economist)UK
- We expect CPI inflation to rise to 3.7% in July from 3.6% in June, as motor fuel prices increase.
- We see upside risk to our goods price call after strong BRC Shop Price inflation and flash Eurozone CPI.
- We now expect inflation to peak at 4.0% in September, up from 3.8% previously, as food price inflation rises.
Rob Wood (Chief UK Economist)UK
- In one line: Manufacturing activity should gradually recover as tariff-uncertainty fades.
Rob Wood (Chief UK Economist)UK
- In one line: The housing market recovery is underway.
Rob Wood (Chief UK Economist)UK
- Underlying growth is fine, helped by consumers; we look for GDP to grow by 1.2% in both 2025 and 2026.
- Payroll falls are a risk, but we think they exaggerate job losses, and in any case vacancies are stabilising.
- We now expect inflation to peak at 4.0% in September, so the MPC will have to pause after it cuts in August.
Rob Wood (Chief UK Economist)UK
- In one line:Retail sales are trending up solidly.
Rob Wood (Chief UK Economist)UK
- In one line: Consumers’ confidence knocked by inflation and tax hike speculation.
Rob Wood (Chief UK Economist)UK
- In one line: Consumers still look set to support GDP growth in H2.
Rob Wood (Chief UK Economist)UK
- Our central Bank Rate forecast is hawkish, assuming only one more cut this year and none next year.
- A probability-weighted average of three scenarios is more dovish but still above the market in 2026.
- Continued sharp payroll falls or easing inflation expectations would shift us to more dovish scenarios.
Rob Wood (Chief UK Economist)UK
WEAK JOBS PUSHING THE MPC TO AN AUGUST CUT...
Rob Wood (Chief UK Economist)UK
- We expect the MPC to cut Bank Rate by 25bp on August 7 in response to weak payrolls.
- We expect two votes for a 50bp reduction, four for a 25bp cut and three for no change.
- The MPC will likely maintain “gradual and careful” guidance, but may need to mention neutral.
Rob Wood (Chief UK Economist)UK
- We reiterate our Q2 GDP growth call of 0.2% quarter-to-quarter after retail sales improved in June.
- Over-50s’ confidence disconnected from spending, possibly as political views drive sentiment more.
- Under-50s are optimistic, consistent with retail volumes growing by 2% year-over-year.
Rob Wood (Chief UK Economist)UK
- In one line: Enough for the MPC to cut, but watch for chunky revisions in the final release.
Rob Wood (Chief UK Economist)UK
- Vacancies are one of the least accurate leading indicators of near-term job growth.
- Moreover, high-frequency data suggest that vacancies have stabilised...
- ...In part as small firms’ hiring intentions recover sharply from payroll-tax-hike-induced falls in April.
Rob Wood (Chief UK Economist)UK
- In one line:Autumn tax hikes are likely and will probably be backloaded.
Rob Wood (Chief UK Economist)UK
