The main driver of markets the entire past week was the long-anticipated remarks at Jackson Hole by Federal Reserve Board chairman Jerome Powell. As has happened before, Powell disappointed many investors who expected a more dovish stance. In the event, he repeated a commitment to maintain the US economy and the Fed’s concerns about the impact of trade tariffs and tension. He gave no reason to point markets towards any September FOMC decision other than the widely anticipated 25bps cut in the Federal Funds rate. (See page 6.)

Of course, President Donald Trump in his inimitable way lashed out at Powell and China. We have only space for one tweet here: “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” You find more tweets on page 11, if you dare, about China.

Meanwhile, Trump will join the Western leaders plus Japan at the meeting of the G7 nations in France. Anticipating the usual troubles with the mercurial American President, the host, President Emmanuel Macron, announced there would be no formal communique following the meetings. Not sure that’s a big loss for investors. Anyway, the President may finally have some competition in shouting and headline grabbing as the new British Prime Minister, Boris Johnson, joins the group for the first ...

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