Market Intelligence—25.07.23
Macroeconomics
On the subject of the war in Ukraine, there is little progress to report. Both sides have had enough time to fortify their positions, which means that gains in terrain can only be achieved at great sacrifice and very slowly. It remains deeply frustrating what is being done to ordinary people just because political leaders want to erect a monument. The biggest problem remains that there is a host of other potentates who would do the same.