Gareth and Jeremy discuss macroeconomic developments and how they might impact financial markets.

Plenty of noise around tariffs still, and still difficult to determine any signal. Meanwhile, the Fed and the BoE have both had contentious rate-setting meetings, highlighting the unprecedented way in which like-minded policymakers have differing views about the future path of monetary policy.

Jeremy questions whether we are seeing the end of the era of central bank global orthodoxy. There will be much chat at Jackson Hole about the existential threats to central bank independence and their ability to operate under the auspices of their increasingly fiscally challenged political masters.

Meanwhile, US company reporting is more positive than the newsflow from the UK, although equity markets are grinding higher on stronger capital flows.

On this point, Gareth mentions the divergent fortunes of Sanderson Design, which updated this week, in the US and the UK.

Looking ahead, we can expect a UK unemployment report, which is not likely to be encouraging for Rachel Reeves; US inflation data that is likely to confirm an ongoing rise in the core measure; and a UK Q2 GDP print, again, which might signal bad news for Rachel.

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