"The combination of mortgages rolling over, going onto a higher fixed rate, the combination of savings being drawn down and the combination of consumer confidence, business confidence being eroded. All of that, to us, points towards consumers now beginning to show the effects of everything going on."

Historically, monetary policy tends to feed through with a lag of 18 to 24 months, however this is an imperfect science. In this latest episode of Talking Research, Square Mile's Investment Director, Chris Fleming, is joined by James Ashley, Head of Market Strategy at Goldman Sachs Asset Management and Hugh Gimber, Global Market Strategist at J.P. Morgan Asset Management to explore:

• When the higher interests will really impact consumers and corporates.

• The prospects for commercial and residential property in a higher inflationary and interest rate environment.

• Why investors should still consider investing in markets beyond savings in cash.

This was recorded on Monday 31st July 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.