We caution against celebration that inflation has returned to normal levels, notes Rob Arnott. He talks about how the CPI will almost certainly rise over 2H23 given how it is measured and that may even result in additional Fed hikes later this year. He goes over the outlook for the markets for the rest of the year. He highlights that value didn’t die during a decade-plus drawdown. He mentions that value companies are performing just fine. He looks at how value remains in the cheapest quintile of historical valuation relative to growth. He outlines why big tech stocks have become a safety trade. Tune in to find out more about the stock market today.