The Jubilee Week That Will Be (29th May 2022)

1. The US
The latest FOMC Minutes show relief at the Fed that the market has got the message: "Many participants assessed that the Committee’s previous communications had been helpful in shifting market expectations regarding the policy outlook into better alignment with the Committee’s assessment and had contributed to the tightening of financial conditions". In other words, yes please do mark the price of risky assets lower because we are serious about trying to rein in inflation.

But are . . .

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