• Central Bank all in to fight inflation
• Markets signal inflation to fade
• Rates to push higher still
• Policymaker credibility key to fight
• Valuations more attractive.

We remain cautious based on incoming data and enter the final quarter underweight risk assets.
However, policy priorities seem to be having some positive effect on expected inflation, despite
upsetting financial markets. This is a difficult and complex environment, and we continue to follow
our tactical discipline in navigating a very unusual year. While we are not out of the woods yet,
valuations are becoming better as are longer-run expectations for returns.