18 to 24 July: Quicksand

For all the short-term market machinations, the global economic outlook isn’t really budging. The US continues to outperform (and therefore the FED still wants to reign back easing), whilst the rest of the developed world oscillates between incremental easing and periods of pause to gauge effectiveness from the data.

As we have discussed in recent weeks, we think the current tool kit is running dry and innovation will be necessary. However, the coming stimulus round (Bank of Japan this week, Bank of England next week and European Central Bank in September) will likely be only more of the same.

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