Investors have heeded our advice and adopted a risk-off approach over the last quarter. Our top-level asset allocation is unchanged in Q3. We have trimmed our inflation forecasts for many advanced economies, mainly due to a weaker outlook for oil prices. But with the US already operating above capacity, and with growth set to remain well above its post-crisis trend both this year and next, further signs of overheating will emerge. In our central scenario, rising inflation and…