The macroeconomic environment remains challenging for all market participants. Aside from the high volatility in the market, the uncertainty about future interest and inflation rates makes the investment processes much more difficult. In the US, the situation is decent compared to most other countries. Inflation is back at a moderate level of 3.2%, despite the recent increase from 3% in June. However, the interest rate is still very high at 5.25%-5.5%, which adds significant pressure to companies, especially if there is a recession. In the EU, the situation is less promising, as inflation remains above 6% with only slightly lower interest rates at 4.25%-4.5%. Despite this, the EU area is recovering following the development of the US with a delay of a couple of months. It is likely that inflation will be down to manageable levels by the end of 2023, assuming there is no further escalation in the war between Russia and Ukraine. In the UK, the situation is more precarious. Inflation is still close to 8% and has remained above 10% for almost a year. In addition, the BoE’s interest rates are at equal levels as the Fed’s. With an already struggling economy, this only increases the issues. However, the development in the last few months has been positive with inflation coming down. This might ease the immediate pressure, but the economy is still under a lot of pressure. Figure 1 summarizes the development of inflation and interest rates in the US, the EU, and the UK.