Despite hawkish comments by Fed officials this week, markets continue to price in a more dovish path for rates. The BoE hiked 50bps and downgraded its economic outlook, calling for a U.K. recession in Q4. Eyes will be on U.S. CPI next week to gauge whether inflation is peaking.

Biofuels are often seen as a means to cut greenhouse gas emissions without negative social consequences, but biodiversity losses and issues related to global food waste and hunger are making the alternative fuel a more controversial option.

Central banks are increasingly worried they might be losing an inflation battle that could now be generational, so expect them to get much more aggressive to catch up.

The outlook for Quantitative Tightening will likely depend on the Fed's commitment to the tool, and, at the first sign of trouble, it may be quick to course correct.

The ECB frontloaded tightening through a 50bps hike and bid farewell to forward guidance. Meanwhile, strong U.S. data supports further hikes from the Fed. Watch for the July FOMC meeting and U.S. and euro area Q2 GDP next week.

Hard economic data has remained strong, but recession risks are on the rise. Combined with limited forward guidance from Central Banks, this has left markets to have to decipher what each data print will mean for monetary policy and the path of rates.

What will success look like a decade from now? Looking back, we will not see a first-best solution or a one-size-fits-all optimal path. Instead, we will be looking at a lot of hard and messy compromises along the way.

U.S. labor demand remains strong but has likely passed the peak imbalance with supply, while the Fed has reaffirmed its prioritization of inflation over growth. Elsewhere, talks of greater hikes by the ECB followed inflation surprises in Europe. All eyes are on U.S. CPI next week.

Any vision of closer commercial integration among U.S. allies and partners must be as inclusive as possible.