Weekly Market Commentary - 28 July 2023

This week the Federal Reserve and European Central Bank delivered rate hikes as expected. By stating that rate decisions will be determined by the data, the outcome of these meetings was effectively settled some weeks ago. A more interesting topic is where rates go from here. There has been speculation about whether this is the end of the road for rate hikes in the US and Europe. However, the strong US GDP numbers and cooling EU data means this remains a live issue. US treasury yields were unmoved by Wednesday’s decision but climbed after the GDP numbers yesterday.

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