Barclays_Global_Macro_Thoughts_Time_for_a_pull_back

GlobalMacroThoughtsFOCUSTimeforapull-backFICCResearchGlobalMacro17June2024AjayRajadhyaksha+12124127669ajay.rajadhyaksha@barclays.comBCI,USMaxKitson+44(0)2035552386max.kitson@barclays.comBarclays,UKKaanhariSingh+85229032651kaanhari.singh@barclays.comBarclaysBank,HongKongWherenotedinthesourcenotes,theviewsexpressedwithinthisreportaretakenfrompreviouslypublishedresearch.Forfurtherdetail,includingimportantdisclosuresandanalystcertifications,pleasefollowthelinksoneachpageandonpage8.ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage9.Completed:17-Jun-24,11:05GMTReleased:17-Jun-24,11:09GMTRestricted-ExternalRestricted-ExternalTheworldataglance•Politicalriskrearsitshead–thistimeinEurope•AnexcellentweekforUSinflation,butoneswallowdoesnotasummermake•Majorglobalequityindicesfall,butUSequitieskeepforgingahead•Bondyieldsrally,onbothinflationdataandaflighttoquality•Makingsenseofitall217June2024Restricted-ExternalRisingpoliticalriskisase...