Loss of economic momentum. ISM leading indicators point downwards. Normalization continues in the labor market. Services inflation finally falls. The Fed is overdue and will have to act. Focus on USD-denominated assets.

Key points

• US economy loses momentum
• Economic slowdown takes shape in Q2
• ISM leading indicators turn downward
• Falling tensions in the job market
• Is the Federal Reserve behind the curve again?
• Inflation nears Fed target
• Favorable environment for USD bonds
• Investors will continue to favor USD assets
• Overall positive environment for equities

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