The Bank and The Fed have served notice they will remain vigilant – higher for longer! Markets would be wrong to expect early easing. Wage Inflation and Energy remain very real threats over the medium term – it may trigger volatility as markets understand the new reality.

Lots of conflicting signals in markets, but what does it all mean? It largely boils down to inflation – to understand it we have to think beyond conventional economics and address the causes and reality, rather than punishing the economy!