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As we have chronicled, the underlying inflation data is showing persistent signs of weakeningwhile the headline numbers remained stubbornly high. Conversely, we have shown that whileeconomic growth remains strong, the growth is ever increasingly attributable to one sector of theeconomy – the consumer; or more precisely, consumer spending on services. Recent data releasessuggest that both inflation and spending are finally cooling. To continue with the soft-landing analogy (cliche?), we are in final approach but we arecaptained by a team with…