Having trimmed near-term recession risks recently, this week delivered stronger than expected data from China and a reassessment upward of our European outlook. However, not all is up. Disappointing US retail sales and IP data raise some concerns, but we are inclined to fade this given still-solid fundamentals. Fed speak this week shows growing comfort with 25bp, while hawkish comments from the ECB suggests a longer road to terminal. The BoJ left YCC unchanged as we expected, but disappointed markets.

Speakers:

Joseph Lupton

Michael Hanson

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