Editorial companion

What stands out

Andrew Plum argues that equities still have long-term upside even as inflation reaccelerates and expectations for tighter policy spike. The September Consumer Price Index (CPI), the government’s headline inflation measure, lifted near-term odds of higher rates and pushed market attention back to policy timing; Plum links the speed of any equity turnaround to how quickly the U.S.-Iran conflict resolves. He also makes a strong tactical case for gold as a hedge against dollar weakness driven by growing U.S. debt and fiscal strain, offering a clear trade idea that ties macro policy risk to a specific asset choice.