Investors are facing a good set of problems right now. Growth is stronger than expected, earnings have been robust, and employment is holding up. In an ordinary year, each of those would be an unambiguous positive. This year, each one is also making life harder for policymakers as strength like this pushes up yields, keeps inflation stickier than anyone would like.

Throughout July, as Europe battled heatwaves and wildfires, markets showed growing concern for those invested in AI's future. The primary driver of markets in recent years has been AI. Specifically, the enormous spending from hyperscalers Amazon, Alphabet, Microsoft, Meta and Oracle, who plan to spend just shy of $725bn on AI infrastructure this year alone. That colossal figure is having a visible impact on US and global GDP.