UK GDP 3-Month Avg (Jun) 0.4% vs. Exp. 0.4% (Prev. 0.6%)

An in-line print with a decelerating prior is the least market-moving configuration of this release: the consensus match removes the surprise component, and the story sits in the sequential slowdown from the previous three-month rate. In past episodes of this kind, gilt and sterling reaction has hinged less on the headline than on the monthly breakdown and the composition beneath it, since the Bank of England's reaction function has been keyed to services activity, wage persistence and domestically generated inflation rather than aggregate output alone. A cooling growth profile alongside sticky services inflation is the awkward combination the MPC has historically navigated slowly, tending to leave the front end of the gilt curve more sensitive to the inflation prints that follow than to GDP itself. Revisions are the recurring caveat with this series, and the monthly figures and any back-data changes within the release typically draw more attention than the three-month average. The follow-ons are the composition detail, the OBR and Bank framing at the next policy juncture, and whether subsequent monthly prints confirm the loss of momentum.