Weekly Macro Brief

The five things that mattered this week.

1. 1Fed dot plot pushed cut expectations to Q4 — duration trade re-priced.
2. 2Brent up 3.8% on Middle East supply scare — energy outperformed.
3. 3PBoC delivered 50bp RRR cut — Chinese equities bounced.
4. 4BoJ hinted at JGB tapering — yen carry trades unwound partially.
5. 5UK CPI cooled to 2.1% — August BoE cut now base case.