Macro

Minutes of July policy meeting

Robert Surgent

"Bonds may no longer offer protection for long holdings in equities, so investors may want to consider systematic macro strategies that seek to go short both equities and bonds when inflation surprises on the high side"

Worst in G20 bar Russia

Hike by 0.25%

First back-to-back hike since 2006

Fiscal support must be 'front and centre'

Below expectations

Retail sales down 1.4%

2.2% fall in 2022-23