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Headline US consumer price inflation reached 9.1% in June, the highest level since 1981, beating expectations of 8.8%. Core inflation, which excludes the more volatile components such as food and energy, also beat expectations to record an annual rate of 5.9%. If there was ever any doubt that the world is now in a high inflation regime these figures should remove it.

With the highest inflation in four decades there are other multiyear firsts. The dollar has reached parity with the euro for the first time in 20 years. The US Fed has so far hiked policy rates by 150 basis to 1.5%, the last hike in June being a larger than normal 75 basis points, something not seen in many years...

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