This quarter’s commentary looks at what happened in an interesting quarter which while positive also has some interesting undercurrents as market participants started to wonder about inflation, the Delta Variant and Central Bank policy. We also look forward using the late Donald Rumsfeld as the theme – looking at knowns, known unknowns and unknown unknowns. Inflation, financial system liquidity and Central Bank policy going forward.
Please note that the document is a summary of certain views, which have been discussed at our Investment Strategy Committee meeting. We are always happy to discuss further anything touched upon or indeed any other investment or economic themes that may concern you.