Evidence of slow but steady growth was also reflected in June US purchasing manager indexes (PMIs) released this week. The manufacturing PMI rose 1.9 points back into expansion territory at 50.9 and the services PMI fell 1.5 points to 52.2. Historically, readings in the low 50s imply GDP growth of around 2%.

David Fuller's view I hold Rod Smyth and his colleagues in high regard. However, I would not be surprised to see somewhat more volatile market conditions as uncertainty increases over the medium term.