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Carmel, did June mark a turning of the tide for financial markets?
Yeah look I think it did, it certainly feels like it was an end of a cycle or beginning
of the end of the cycle. I guess you could argue actually that the tide started to turn
in May and that we noticed that equity markets got a little bit jittery when the talk of
the ending of quantitative easing first emerged. It certainly ramped up during June and in
June we saw the bond market in particular respond. So certainly the one way traffic
we had seen year to date came to an end in June.
So is the tide on its way in or out? Well I think it depends really on what
asset classes you