March – April 2024

U.S. Economic and Market Highlights

The Economy

  • Annual inflation in the U.S. ticked higher in March and underlying price pressures remained stubbornly strong (CPI +3.5%), raising further questions about how much the Federal Reserve will be able to cut interest rates this year.
  • At the end of 2023, investors expected monetary easing as soon as the spring, with a total of five to six rate cuts for the full calendar year of 2024. That forecast now sits at less than three, and investors currently anticipate a less than 50% chance of a rate cut in the U.S. in June.
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December 2023

U.S. Economic and Market Highlights

The Economy

  • Eurozone manufacturing (PMI – Purchasing Manager’s Index) showed the 18th consecutive month of contraction for December, coming in at 44.4 compared to the market consensus of 44.2. A PMI reading over 50 or 50% indicates growth or expansion.
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