The ECB’s Isabel Schnabel said that the latest inflation data had made her change her mind. She now thinks rate hikes are over and that it would be difficult to leave rates where they are in 2024. Oil prices fell back to July levels as OPEC+ suffered a hit to its credibility. We remain fully invested in equities. We still have a preference for duration which should benefit from slowing inflation and labour markets and which should provide protection if the economy deteriorates more markedly.
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