10 July 2023
Monthly Market review – Download Article
The persistence of core inflation across the developed world at well above central bank targets remained the
driving narrative for global markets in Q2, leading to further rises in policy rates and significant shifts in market
expectations for peak rates and their time at terminal levels. Over the quarter, expectations for the policy rate
at the end of 2023 in the US rose by 100bps to 5.4%, in the Eurozone by close to 50bps to 3.9%, and in the UK
by almost 170bps to 6.1%
