A volatile quarter, with markets at all-time highs, whilst leading indicators remain weak. Unusually, a super-sized rate cut from the Fed, in the absence of a crisis, can be read in one of two ways:

1. A commitment to achieving a soft-landing

2. Deepening concerns of weakness in the labour market

This quarterly unpacks:

• The volatile quarter that was

• China's economic malaise

• A run through of leading US labour market indicators

• The case for a soft-landing

• A focus on Australia and the outsized role of Government spending

• Investment comments and positioning.

Please reach out with any questions or comments.