The central bank noted that substantial progress has been made in withdrawing monetary policy accommodation, and expressed concerns around growth and policy transmission lags.

Core inflation in the U.S. outpaced expectations for September and may fortify the Federal Reserve’s hawkish resolve.

The OPEC+ plan to curb oil production complicates the global economic, inflation, and geopolitical outlook and will likely lead to higher prices for key commodities.

The economic outlook remains challenging, but we believe higher yields contribute to a compelling case for bonds.