Following a favourable July, August proved to be a more challenging environment as equity markets performed negatively. Emerging markets remained under pressure due to worsening Chinese economic sentiment.
Although there were no major central bank meetings during August, it was a busy month for monetary policy. At the Jackson Hole symposium, Federal Reserve Chairman J. Powell alluded to the possibility of needing to further increase interest rates to combat inflation. In Europe, minutes from the last European Central Bank (ECB) meeting revealed a unanimous agreement in favour of prioritising higher interest rates over economic growth.
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