Equity markets are higher and higher. The fed and the boj coming through. How do we phrase this . Where we go from here . Dust of the few minutes ago we were talking about how the boe and the bank of canada raising rates in the fourth quarter. Requiring it to throw the conversation for next year. Have a look at this chart, the question really is how much can the likes of the boe and the bank of canada, given how strong their currencies have become, continue to follow the fed on its current rate policy . At what point does a policy notngthen, and become inflationary . Charts, whatat the it shows you is financial conditions in the United States in the bottom part. They are still fairly loose, and what that means is that despite the fact that you have a weak u. S. Dollar and currencies like the pound trading at fairly strong levels, it is not yet creating conditions where you would actually see disinflation coming through. In other words, there is scope for a lot of these big Central Bank