It was a volatile week in US equities as conflict continued in the Middle East and the Federal Reserve (Fed) continued with a hawkish tone. In Kevin Warsh’s second meeting as Fed Chair, interest rates were held steady, with Warsh reiterating that the Fed will not “waver” in its efforts to control inflation. On the data front, core PCE came in at 3.7%, in line with expectations.

Over in the Eurozone, inflation rose to 2.9% in July as renewed conflict in the Middle East drove energy costs higher. The Bank of England kept interest rates on hold as expected, but a growing number of policymakers voted for a hike amid continued uncertainty over the inflationary impact of the war. Elsewhere, the Bank of Japan left rates…