This week, we explain the change in our Fed call following the latest inflation data, as well as the latest views on China, and the UK. We have brought forward our call for the next Fed cut to September, following slightly dovish inflation details for July. China remains mired in low inflation and soft growth; we discuss what the rest of H2 has in store. In Europe, we look at the latest and upcoming UK data following a hawkish BoE decision, and preview the Riksbank meeting. Chapters: (US: 01:55, China: 08:20, Europe: 16:20).