• Economic data last week was dominated by the CPI release in the US showing continued inflationary pressure in the US economy. Market reaction was relatively muted. A lot of this relatively calm reaction is probably due to the Fed saying it will not be making any judgement about how permanent the inflation pressures are until the middle of next year.• We think that we will see a peaking in the year on year growth rate in the global economy as the reopening impulse fades in Europe and the US plateaus from its Delta variant rebound. As we travel into 2022 economic growth will remain elevated but at a slower pace than we are experiencing now. Thus, we feel it appropriate to move some more of our equity exposure to mid-cycle type names.

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