Mark Dowding, BlueBay Chief Investment Officer, discussed the latest macro views, including: US AI investment boosts business growth but consumers face income pressure and price spikes. Fed to hold higher rates through 2027 while ECB could reverse cuts within a year, driven by US-Europe economic divergence. UK inflation set to rise in July from utility caps and food costs, as CPI relief from rate cuts offset by supply chain disruptions. Middle East deal remains fragile with economic damage from strait closure expected to last months .