The new regime of macro volatility is playing out with weaker growth, persistent inflation and volatile markets. We stick with our dialed-down risk stance. U.S. stocks slumped and yields surged on a renewed rise in core inflation. We’ve argued inflation will be persistent and see the Fed hiking through year-end. Central banks are the main attraction this week. The Fed and the Bank of England are set to hike rates again. We see the Fed hiking 0.75% a third time.
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