Q3 2023 Outlook

Outlook:

• Japan's Inflation: Expected to exceed expectations, creating a headwind for US equities.
• Credit Tightening: Continued tightening in the US and EU will begin to weigh on Q3 economic growth.
• Regional Bank Crisis: Anticipated to persist.
• Eurozone Interest Rates: Set to peak at 4.25%; no interest rate hikes expected from the FED.
• US Inflation: Not a primary concern during Q3 2023.

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