Having spoken about inflation for the best part of 12months the word that dominated this morning was deflation. Sadly not in the way many would hope with markets eagerly awaiting continued signs of a fall in inflation to aid the calls for a soft landing but thanks to the Chinese spy balloon which was swiftly deflated by the U.S. Airforce over the weekend in quite spectacular style it must be said. Not a huge amount to worry about here we don’t think but it does once again bring the Chinese/U.S. relationship into question again, with Blinken not travelling to China anymore and officials saying that a trip for him is up to China to announce.
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