Absolutely. Yeah. It's been another complex week for financial markets as the supply, and demand dynamics of summer market participation, added to the complexity of the current macroeconomic configuration amid fractious US sentiment, as a function of burgeoning US fiscal deficits and heavy bond issuance. The US CPI Print had minimal direct impact. However, we continue to view significant further disinflation, through the remainder of 2023 as the most likely trajectory with clear implications for policy and for markets. Next week, we'll also be light on data and on participation, but there are a few things we have our eye on.

Firstly, in the US, following on from the further moderation and consumer prices this week, next week brings the policy reaction function into focus. With the minutes of the July FOMC, the September Fed meeting, and in particular, the new summary of economic projections or DOTs will be the primary event for global markets over coming weeks. That is barring a surprise from Jackson Hole as the Fed adjusts their economic and rate forecasts to the most recent data, where we have seen further signs of price and activity moderation so far. But the minutes of the July policy meeting, which may well prove to have been the last hike of the cycle, will be keenly watched for broader spread of opinions on the inflation and growth trade off in the US.

Secondly there's some global data next week worth keeping an eye on. Japanese CPI, for signs of further policy relevant inflation persistence. German ZEW for signs of stabilization in German industrial activity, and the July suite of data from China. Recent activity from China has been acutely disappointing, shall we say. So much so that we'll also be keeping half an eye out for some unannounced Chinese fiscal stimulus.

Then lastly, next week is a very important week for the UK, after the August Bank of England meeting where a 25-basis point hike was accompanied by a less hawkish narrative one that focused on the restrictiveness of policy and the potential for further tightening. Due to the lagged impact of past cumulative hikes and also one that emphasized the evidence driven or data dependent nature of future policy decisions. Next week's data takes on a more significant role. With employment on Tuesday, inflation on Wednesday, and retail sales on Friday. We'll have a better insight into the likely policy leanings of the MPC at the September meeting. Our view is that inflation risks are likely to the downside for the July reading, and the activity is showing some more consistent signs of weakness. Data this week will be very important to that view to the Bank of England and for wider markets, another interesting week.