TrackMacro maintains its very positive outlook for world equities for the month of August. Commodity prices no longer weigh upon Russia—the “Commodity Rule” turned neutral for the month of August, according to TrackMacro. World liquidity in USD has now been positive for four months in a row, confirming the end of a 3Y-shortage of USD. The new Quant Corner note focuses on some of the outcomes which surprized us when optimizing TrackMacro. It seems that Artificial Intelligence, by nature, tends to surprize its designers.