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Decoding the Global Macro Environment
3Q 2022 Strategy Outlook

Financial markets enter the second half of 2022 bruised and anxious — bruised by a tightening of financial conditions that, necessitated by high and persistent inflation, is now global in nature and yet far from complete in its full implementation; and anxious as these tighter conditions risk triggering a recession at a time when many countries’ resilience have already been heavily taxed by the battle against COVID.

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