STOCKS | Pound Faces Pressure as UK Retail Sales Slow and Bailey Dampens Rate-Hike Bets

British retail sales growth slowed to a four-month low in August, while Bank of England Governor Andrew Bailey sought to cool speculation about a secret rate-hike plan. According to Sina Finance, the Bank of England governor said any rate increase would depend on economic and geopolitical developments, not on a fixed timetable. The British Retail Consortium said total retail sales rose 0.7% year on year in August, down from 1.3% in July, while like-for-like sales growth eased to 0.5% from 1%. Barclays also reported that overall consumer spending rose 2.1% in August, but its consumer confidence index fell to 26 from a 21-month high of 30 in July. The article also said the U.S. Federal Reserve Bank of New York reported that U.S. consumers' one-year inflation expectations held at 3.6% in August, while concerns about jobs and personal finances increased.