When Kwasi Kwarteng announced last week that the UK government’s plan to abolish the 45% income tax rate in the UK had been shelved, the new chancellor of the exchequer did not just provide yet another reminder that a week – or to be precise, 10 days – is a long time in politics. He also relieved some of the pressure on a currency that had touched record lows.
We expect that the Fed won’t be able to go much further with tightening
John Hardy, Saxo
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