Headlines discussed at LNWM’s Monday morning meeting:

— Strong jobs data drove US stocks higher, bonds lower; chance of Fed rate hike in 2016 rose to 48%.
— The UK is expected to grow just 1% in 2017 (vs. 2.7% before Brexit vote), in line with our expectations.
— The Bank of England cut interest rates to record-low 0.25% (from 0.50%); more cuts possible.
— US oil inventories hit a 5-year high, pushing oil prices below $40/barrel once more.
— Brazil’s stock market is up 60% this year, bonds up 22%, as investors reach for yield despite problems.

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