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.

There will be no "Fed put" according to Mr Powell, which rattled markets and evoked a response from Mr Trump. US equities slumped again.

Equities were mixed, UST yields were tighter across the curve. Politics garnered most attention this week, plus an ECB decision.

US stocks were stopped in their tracks by higher yields on Thurs (poor 30y UST auction), but resumed their upward trajectory the next day.

Rather uneventful week in markets although equities generally better and yields a touch wider. Focus was on Jackson Hole, NVDA and rates.

It was a scorching end to a fantastic first half of 2023, if you are long equities. Less so perhaps if you are long bonds. And Apple!!

Fed pauses, ECB races ahead, BoJ stays loose; BoE poised to raise rates again this week. Dollar slumps, global equities power ahead,