US equities moved higher last week as the US and Iran signed a deal aimed at ending the war. The agreement involves the reopening of the Strait of Hormuz, $300bn for Iran’s reconstruction and the US terminating “all types of sanctions” on Iran. Kevin Warsh held his first meeting as Fed chair and promised that the central bank “will deliver price stability”. Interest rates were left unchanged, but the meeting was interpreted as hawkish, with bond yields moving higher as a result.

The Bank of England also left rates unchanged with markets expecting a rate hike before year end. The Swiss National Bank kept rates at 0% and stated that their readiness to intervene in currency markets has increased. Elsewhere, the Brazilian…