Shifting signals as policy cuts collide with market momentumMarkets rarely move in straight lines and the past week has revealed an unusual divergence that hints at deeper undercurrents. Yet longer-dated Treasury yields have ticked higher, betraying unease that inflation has not been conquered and policy may not remain ahead of events. Precious metals, long advocated as a hedge against frothy valuations and policy missteps, have delivered extraordinary returns. The Bank of England has chosen patience, holding rates steady in a seven-to-two vote while confirming a slower pace of balance sheet reduction. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.