A stagflationary summer

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With investors becoming more concerned about central bank policy tightening once again and forward-looking indicators strongly suggesting that economic growth will come under more pressure, particularly in Europe, risk appetite in the financial markets fell over the past week. Bond yields rose sharply, while global equities lost around 4%. The upcoming central bank gathering in Jackson Hole and the next ECB policy meeting on 8 September will be important in providing more clarity about Fed and ECB action in the coming months.

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