Recent extreme market volatility shows the impact of sudden sentiment shifts and sharp position unwinds. We lean into risk and our high-conviction ideas. U.S. and Japanese stocks clawed back after a record three-day slide in Japan. The yen slipped back after surging to seven-month highs against the dollar. The July U.S. CPI is in focus. Recent inflation and jobs data stoked expectations of sharp rate cuts. We see cuts ahead but rates settling higher for longer.
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