Weekly Market Commentary - 18 November 2022

This week we saw UK chancellor Jeremy Hunt’s autumn statement come in as expected. The changes to income tax and the expansion of the windfall tax on energy companies had been telegraphed in advance and government spending (except on education and the NHS) has been frozen. Sterling has risen from $1.13 last week to almost $1.19, while the euro increased from $0.99 to $1.04 before easing back. Weaker US inflation has spurred hopes that the US Federal Reserve may slow the pace of its interest rate increases and this opinion was helped by several of the bank’s more hawkish members appearing to support a slowdown in rate hikes.

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