It's more of the same: uncertainty and energy, ... Throw in inflation and the possibility of slower growth because of the hurricane, and we're all out of sorts. There's no good news out there.

Core inflation is very well controlled and economic growth is weak. The market is starting to price in the possibility that they cut half a point again.

Higher energy prices and uncertainty about interest rates as economic growth continues are making it difficult for equity markets.

Growth, geopolitical risk and potentially higher energy prices point to the possibility of another rise in commodity prices. It's too early to conclude that the upward ascent has ended. We are more likely in the midst of a pause.

I believe the monetary authorities have sought to take action to head off the possibility of higher inflation over the course of the next two years.

Inflation is down to 1.4% excluding energy, so there's absolutely no inflation pressure.