From our point of view, the global economic landscape in the fourth quarter will be very important. We believe that the coming quarter will bring a shift in the global economic picture to a new equilibrium.
In the old equilibrium, the economic perception was that inflation was still rising, interest rates would be stepped up to curb inflation, and the economy was still resilient. The new equilibrium, as perceived by the market, is that inflation has peaked, US interest rates will peak at a level above 4% and economies will slow down.
