Week InReview: July 15, 2022

The 'I' word.
The highest inflation in a generation continues to buffet both the world economy and financial markets. In the US, President Joe Biden is risking a disconnect with the American public after playing down a 9.1% annual inflation rate as out of date because it fails to reflect a recent drop in fuel prices. In markets, meanwhile, investors are fleeing to the dollar as a safe haven with worries that a global wave of interest-rate hikes to fight price pressures will choke economic growth. That's taken a gauge of the greenback's strength to a record high. The prevailing gloomy mood leaves stocks in Asia facing a choppy start on Friday.

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