backdrop

He added: "Against that backdrop it was inevitable that we would always have to raise revenue. So there's no misleading there."

The move came against a backdrop of concerns about an overvaluation of tech stocks and other risky assets.

However, he warned that "risk managers remain highly astute to the landmines that could still derail the improving risk backdrop through December".

The color scheme glides from monochrome in the morning to various shades of blue in the afternoon, a backdrop to blindingly white icebergs, their seawashed cavities a bright turquoise.

If November’s CPI print signals a benign backdrop, that could shape market expectations of when the central bank will decide to start lowering interest rates.