Weekly Market Commentary - 14 July 2023

This week brought a significant shift in the narrative surrounding inflation. US headline inflation dropped to 3% in June. Core inflation has been more resilient than the headline rate but it also fell. Despite the Federal Reserve expected to keep hiking in the very short term, the speed of the decline was enough to buoy financial markets around the world as investors look forward to the end of US interest rate hikes and a weaker dollar. Government bonds rallied strongly, and equity markets also looked to the positive.

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