June’s soft US CPI print seems to have given investors renewed hope that inflation could fall back to normal levels without the economy slowing too much, if at all. We continue to think that the chance of a more-significant economic slowdown is underappreciated, which we suspect would give Treasuries another boost but could reverse the recent strength in equities and weakness of the US dollar.
In view of the broader interest, we are also sending this Global Markets Update to clients of our Asset Allocation and FX Markets services.
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