Equities finished last week lower again as the 'higher for longer' narrative continues to be priced in by markets. This despite the Bank of Japan turning the dial a little back towards the dovish side as they left official rates unchanged and dissembled over Governor Ueda's comments a week or two ago that there may be sufficient evidence of enduring inflation to start lifting rates before the end of the year. Nevertheless, US 10y yields closed the week 10bps higher at 4.43% after briefly touching 4.50% earlier on Friday (the highest since 2007), and crude oil was (mercifully) a little lower, but not by much.Shifting to geopolitics, we have seen a number of announcements recently of countries entering into 'comprehensive strategic partnership'. The United States and Vietnam elevated their relationship to a CSP in early September, as did Australia and the Philippines. Back in July, China raised alarm in the Asia-Pacific by entering into a CSP with the Solomon Islands and they have done so again by entering into a similar agreement with Timor-Leste over the weekend.