Weekly Commentary: Caution - earnings under pressure

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We see company earnings deteriorating amid a rotation in consumer spending and a sputtering restart. This is partly why we remain cautious on stocks. Stocks jumped on hopes of the Fed pausing hikes soon as inflation edges lower. We think that’s premature and see inflation settling above pre-Covid levels. U.S. activity data could show how much the economic restart is slowing. UK CPI is likely to continue its march up amid high energy costs.

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