If you think the Fed is going to take its foot off the gas with headline inflation running at 8.5 per cent, against its target of 2 per cent, I have a bridge to sell you.
Believe it or not, investors do sometimes think about things that are not directly related to US interest rate policy.
Of course, the debate over what the Federal Reserve does next matters. It is unquestionably the biggest issue of the moment. Last week it dominated otherwise sleepy summertime market conditions yet again, thanks to data showing a modest slowdown in inflation.
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Financial Times
Katie Martin is the Financial Times' capital markets editor.
