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No surprises
From last week’s perspective – and in terms of what we wrote then - this week bore little in terms of surprises. The US’ central bank, the Federal Reserve, raised rates by 0.25% for the 2nd time this year to 2%, which felt entirely justified considering the currently more than robust health of the US economy.

G7 becomes G6 + 1
Drama at the G7 summit in Canada earlier this week. After US officials initially supported a communique which committed the participants to “fighting trade barriers”, Donald Trump pulled his endorsement after a spat with Canadian Prime Minister Justin Trudeau.

Fed neither hawkish nor dovish
As widely expected, the US Federal Reserve raised interest rates again by 0.25% on Wednesday. The Fed’s benchmark rate is now in the 1.75-2% range, a level not seen since the latter half of 2008. The central bank also signalled that two further rate rises were on the way for this year, and that they no longer believe that accommodative monetary policy is necessary to sustain US growth.

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