According to CoinMeta, Berenberg Bank analyst Andrew Wishart stated in a report that despite the impact of energy prices, economic activity in Europe remained resilient in the second quarter, which reduced the likelihood of risks to the job market due to "precautionary interest rate hikes." He believes that if energy prices continue to rise, the Bank of England may carry out its threat to raise interest rates by 25 basis points. However, since this economic resilience has not translated into a recovery in labor demand, the trend of slowing inflation is likely to continue. Wishart expects the Bank of England to restart interest rate cuts in December and reduce policy rates from 3.75% to 3.0% by mid-2027.