Tatton chief investment officer Lothar Mentel recently provided us with an update on how he sees the world.
Mentel says the market rebound of July may be premature and driven by investors believing inflation is close to its peak and that the time when central banks focus on cutting rates is close.
But Tatton's investment chief is sceptical of much of this.
He says monetary policy operates with a lag of around nine months, so today’s rate rises will only really be felt next year, and so equities are very premature to start pricing in looser monetary policy now.
With that in mind, he isn't joining the party and turning bullish just yet, instead taking the view that "cautious optimism" is the prudent course right now.