Developed market central banks are starting to cut policy rates. We think they will have to keep them higher for longer, as some emerging markets already are. U.S. stocks hit a fresh record high and 10-year U.S. Treasury yields slid last week after U.S. jobs data showed moderating wage growth. We watch the U.S. CPI data for June this week to see where services inflation wil settle. We think it will bounce back from its recent unusually low levels.
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