The first eight months of the year have seen the continuation of the most aggressive and synchronised central bank hiking cycle in half a century. The US Federal Reserve rate was recently increased to 5.50% - its highest rate in over two decades - and many other central banks, including the European Central Bank and the Bank of England, have also moved interest rates firmly into restrictive territory. When viewed in conjunction with elevated services inflation, which has proved stickier than many initially envisaged, a challenging economic environment appears certain to continue as we move towards the end of 2023

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