CPI still largely in “no mans land” re: market direction, refusing to break cleanly/clearly in any direction, allowing you to tell more or less any story you choose (declining, no wait, stabilising, at a higher level, no wait, forming a base and seemingly set to increase given that we know used car prices are rising again!).

Headline CPI remains well behaved, however core is stubbornly high.

Overall, forcing ourselves to give a take/make a view; would take it as a slight win (52/48 type thing) in favour of “progress towards goldilocks/soft-landing”.

Means little to do, in the DAA funds. Market movements off the back of this print reflect the ambiguity, no clear move in any direction means little to do on either front (buying, or selling).

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Please note that past performance is not a reliable indicator of future performance.

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