After two very strong months, the financial markets took a breather in June. We have witnessed central banks, including the US Federal Reserve (Fed), adopting less accommodating policies due to rising inflation rates.The Bank of England and the European Central bank kept their respective benchmark rates unchanged in June, advising caution due to rising inflation. On the other shore of the Atlantic, the Fed’s new Chair, Mr. Warsh, took office and we will see if he is effectively independent from President Trump. In the meantime, even the Fed did not cut rates because of the inflation in the US.