Weekly Market Commentary - 4 August 2023

This week brought a surprise cut to the US government’s credit rating, while the Bank of England continued its tightening campaign with another 0.25% rate hike. Despite the howls of outrage from some commentators in the US, the ratings cut is a bit of a non-event as the lack of reaction of bond markets demonstrated. In the words of Warren Buffet: “There are some things people shouldn’t worry about. This is one of them.”

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