MACRO HIGHLIGHTS    Europe - Euroland Strategy - Jack Di-Lizia    As market focus on probable ECB QE tapering increases, the ECB’s reinvestmentswarrant closer attention. With sizeable reinvestment flows expected to materialiseover 2018and beyond, reinvestments can help mitigate the potential flow impactof a moderate tapering of the ECB’s QE programme    US - US Economic Perspectives - Matthew Luzzetti    The trade-weighted dollar has fallen more than 2% in the past month and nearly7% this year, leaving it near its weakest levels since mid-2015. At the same time,Fed officials have on balance sounded more concerned about soft inflation and anarrative has emerged that the US is stuck in a low inflation regime. Is this lack ofexcitement about the positive effects of a weaker dollar on inflation justified, or isthe market missing a potential catalyst for higher inflation in the coming quarters?    Commodities - Commodities Digest - Michael Hsueh    Although gold retains a premium to fair value, the difference has closed from7% in March and April to 2.6% currently, mainly on the back of a weaker dollar.Holding the dollar constant since the start of the year, we would have expecteda gold price fully USD -86/oz lower. Therefore gold prices at current levels are insome sense more justifiable now than earlier in the year.    Europe - Focus Europe Special - Mark Wall    We expect the ECB to slow the pace of QE in 2018and to make this decision inOctober. For this to happen the ECB needs to become more confident that thenormalization of inflation is in train. One intellectual challenge involves convincingthe ECB the Phillips’ curve is not flattening. The more practical challenge issustaining the tentative recovery in inflation in the face of EUR appreciation. Thelatter is the focus of this note.

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