25 to 31 July: The Boy Who Cried Wolf

Given the FED’s inability to follow through with planned rate hikes over the last 12 months, last week’s more hawkish statement failed to change market expectations for little further policy action this year. Similarly, the prospect of new staff projections at the BOJ ahead of the September meeting, leaves investors still biased to expect more stimulus in Japan. This week the Bank of England steps up to the policy plate.

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