Russ Mould says that with the OBR lowering its growth and raising its inflation target, stagflation looks even more likely. The concept of "fiscal headroom", he says, is pure rhubarb but the bond market seemed content with what Rachel Reeves had to say, even though the UK's interest bill is higher than the defence budget. However, tariffs are going to complicate things. With the NASDAQ this year's worst market so far and Hong Kong the best, the mood music is changing. Investors must think about whether the environment for the next ten years is going to be different than the previous ten.

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