Speculators were already on the fence about whether the Fed would deliver another rate cut at its meeting this month. The latest jobs report has come back stronger than expected, and President Trump is continuing his tariff agenda at pace—despite a setback from the recent Supreme Court ruling.
But changing tastes in the UK mean mutton, made from mature sheep, is no longer eaten in the same volume it was by previous generations and lamb has seemingly gone from a weekly staple to a meat more often eaten on special occasions, with "white meat" like chicken being increasingly chosen over lamb and beef.
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"That's good news," said Bailey. "We need to make sure that inflation stays there.