Economic Analysis

26 June

29 June - 3 July

Economic analysis subscription

The June meeting of the Federal Reserve Open Market Committee (FOMC) saw the central bank leave interest rates unchanged. The target range for the Fed funds rate was maintained at 3.50–3.75%, for a fourth consecutive meeting. The decision to leave rates on hold was unanimous, and it was in line with market expectations.

The fourth ECB Governing Council policy setting meeting of 2026 saw the central bank hike rates by 25bps. The deposit and refi rates were raised to 2.25% and 2.40%, respectively. This outcome was very much in line with market expectations, and marks the first change in policy since the ECB cut rates last June. It is the first rate hike since September 2023.

The June policy setting meeting of the Bank of England's Monetary Policy Committee (MPC), saw the central bank leave the Bank Rate unchaged today, at 3.75%.

The manu. PMI rose to 54.9 in Apr., amid sustained gains in output, new orders and export orders. Business expectations eased markedly though, while input & output inflation surged Traditional industrial production contracted by 1.9% in Q1, and it was 3.4% lower YoY 

Historic FX & Interest Rates for 2025

The Irish residential property market remains defined by tight supply as 2025 draws to a close. However, over the course of the year, there have been some encouraging signs in the supply dynamics, albeit the outlook remains challenging. 

This Budget is set against an uncertain economic backdrop so far this year. GDP growth was robust in the early part of the year but has since moderated. The Chancellor had committed to not raising taxes materially further following last year’s hikes to national insurance (NI) on employer contributions, which among other measures raised £40bn. While the tax rises are largely to fill the hole in the fiscal rules, there are also net spending increases in the budget.