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Investment markets were up in July, buoyed by US headline CPI inflation plunging to a two-year low of 3% for the 12 months to June. Notwithstanding the welcome fall in inflation, the US Federal Reserve raised interest rates in July by 25bps to a range of 5.25-5.50% and the European Central Bank raised rates by 25bp to 3.75%, the highest level since the year 2000. The Reserve Bank of Australian kept rates unchanged in July.