Weekly Market Commentary - 11 August 2023

This week there was a modicum of good news; inflation in the US continued to abate with the fabled “soft landing” of the US economy still possible, despite a slight uptick in unemployment claims. In the UK surprisingly robust growth figures caught out most people, with the data not reflecting either the market consensus or general mood of the country. It is baffling that a large increase in interest rates, a huge squeeze on the consumer as bills eat into disposable income and high energy and input prices aren’t having the effect expected. There could be some underlying growth factor no ones noticed or the negative impacts of the last year are just taking longer to manifest.

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