Due to prolonged output cuts from Saudi Arabia and Russia, Brent crude briefly topped $95, rekindling worries over inflation. As expected, the Fed left rates unchanged but the tone turned more hawkish. The bank raised its benchmark rate forecasts for 2024 and 2025, citing improved growth prospects. We had already reinforced our equity exposure for the short term when markets were falling. Over the medium term, we remain somewhat cautious on risk assets as restrictive monetary policy will take time to feed through to the real economy.
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