Carmignac investment committee member Kevin Thozet said US inflation remains
materially above the Fed's 2% target and, on economic data alone, another rate
hike would not be unreasonable. He expects the Fed to leave rates unchanged on
Wednesday, citing tighter financial conditions—equity volatility and nascent
stress in peripheral credit markets—as the rationale for a pause, while noting a
pause does not necessarily imply a shift toward easier policy.