In the U.S. Manufacturing PMI, Services PMI, CPI, PPI and the Conference Board’s Consumer Confidence all beat expectations indicating a heating up economy. So why should the Fed cut rates at all? Pressure from Trump can be a cause and Powel has “diplomatically” balanced out an emphatic rate cut with a language tone in the FOMC meeting that did not suggest a rate cut cycle has started. The U.S. is pulling its weight against China where all sorts of macro indicators point to stress – trade war effects much? The EU is battling its own internal demons of sluggish growth with Poland, Spain and even Germany having to pull up their socks in monthly manufacturing output, Deutsche Bank’s capital getting eroded from its decision to exit derivatives and its quarterly results painting nothing but a bleak picture. The change of guard at the ECB will be keenly watched. Throw in an uneven Brexit steered by the “radical” new Boris Johnson and volatility is clearly the winner of the month.