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Global stocks touched new highs this week, with the S&P 500 leading the way, despite a liftoff in short-term interest rates that anticipate a much more hawkish Fed than was expected prior to the June FOMC meeting last week. Fed hawks have been joined by EM policymakers this week, as surprise guidance for hikes and actual rate raise surprises were found across emerging market economies. US economic data was somewhat mixed, as the prospect of peak PMI readings and weaker home sales numbers match up with broadly solid data in other areas. Core inflation continues to accelerate per PCE data released Friday. We discuss the data backdrop along with infrastructure developments, EM currencies, commodity prices, cryptocurrencies, the possibility of a Delta variant COVID surge in the US, and more in this week’s Bespoke Report.
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