A.I. featured large again last week, mainly because it was the key talking point as five of the Mag 7 companies released earnings with mixed results. The FOMC decision also went as expected, although Mr Powell threw some caution into the wind. Global stock markets took it in stride, but the US Treasury market was less happy as yields rose across the curve. Gold was weaker again, and the US Dollar strengthened.

We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!

None of the three major central banks that had monetary policy meetings this week – including the Fed, the BoE and the BoJ – changed their monetary policy approach, although central banks in Switzerland, Sweden and Norway all eased. Markets remain slightly on edge because of the growing Middle East conflict.

Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.

Confident that another stellar year for U.S. stocks was coming to a close, investors were jolted from their complacency when the Federal...

It was one of those weeks that if you didn't chalk up portfolio gains, it would be difficult to figure out why. Bonds and stocks rallied.

US CPI surprised on the downside (lower than expected) this week, setting a constructive tone. The FOMC says one rate cut, Europe wobbles.

Seven months into the year, many of my Y/E forecasts for indices and other assets look like they will be wrong. I am in good company!

It is fashionable to espouse the end of the US dollar as the leading global reserve currency, but this will not occur anytime soon.