The past week was characterised by continued positive sentiment in the US, based on expectations of rate cuts starting in September, driven by evidence of weakening US economic activity. Such expectations were sustained by statements made by top US politicians and by CPI inflation figures that were seen to be encouragingly low. Subsequent data suggesting a sharp rise in US inflation ahead following US tariff hikes failed to dent those hopes of rate cuts. Risk-on remained on the table as a consequence, with equity prices close to all-time highs, the Dollar weak and the Rand firm. Domestically, data indicated an improvement in economic growth in Q2, albeit at a low level and insufficient to reduce unemployment. The National Dialogue began but was eclipsed by a summit between President Trump of the US and President Putin of Russia, which, as expected, failed to produce a peace deal in Ukraine. There is nothing dramatic in store this coming week to alter sentiment either domestically or globally, although domestic CPI inflation is expected to jump for statistical reasons.