On June 18th, according to data released by the Office for National Statistics, the UK labor market performed better than expected, just hours before the Bank of England announced its interest rate decision. The data shows that the number of employed people increased by 2000 in May, far better than the expected decrease of 23000 by economists. At the same time, the decrease in employment in April was revised down from 100000 to 53000. In the three months ending in April, the unemployment rate slightly decreased to 4.9%, while job vacancies further dropped to the lowest level since early 2021. These data indicate that although the UK labor market remains weak, its deterioration may not be as severe as economists had feared. The day before the release of this data, UK inflation data was weaker than expected, and global energy prices have recently fallen sharply after the US and Iran announced a ceasefire aimed at reopening the Strait of Hormuz. This series of positive news has significantly lowered market expectations for the Bank of England to curb inflation through interest rate hikes. The Bank of England will announce its interest rate decision later today, and the market generally expects the Bank of England to keep interest rates unchanged at 3.75%.