The World Entire: August 19, 2023

Good morning and welcome to the Weekender for Saturday, August 19, 2023. Last week’s equity markets, as measured by the S&P 500, were lower, registering a decline of -2.1%. The index is down by -4.8% from the beginning of August. The proximate cause for the summer doldrums is the relative stickiness of higher interest rates. More on that in a minute and a lot more next week.

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