UK September M4 excluding IOFC 3-month annualized growth falls to 1.6%

The deceleration in this broad money and credit gauge is a quiet signal worth noting: it suggests the underlying pace of liquidity expansion in the UK economy is losing momentum, even as headline debates focus elsewhere. For markets sensitive to sterling and UK rate expectations, the direction of M4ex matters because it feeds into how policymakers read demand pressure. Whether this slowdown persists into subsequent readings, or proves a one-off dip, is the open question.