External broker reports(aggregated public sources), Nordea

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External broker reports(aggregated public sources)

Macroeconomics

United kingdom & United states / Macroeconomics

<ul><li>Rate cuts are being priced out after last week’s US CPI print, especially for the Fed where markets not only price in less than two rate cuts this year but also an end-point for the Fed’s easing cycle at 4%, implying close to just around five total rate cuts!</li><li>Tuesday, Fed Chair, Jerome Powell did not repeat that the base case was that “it is likely to be appropriate to cut interest rates in 2024”Chart 1.</li><li>Terminal ratesWith the US labour market surprising to the upside and core inflation picking up momentum, markets are adding probabilities to scenarios in which the US economy is more resilient to interest rates this time around and where rate cuts will not only come later and be fewer but also where r* may be higher.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Rate cuts are being priced out after last week’s US CPI print, especially for the Fed where markets not only price in less than two rate cuts this year but also an end-point for the Fed’s easing cycle at 4%, implying close to just around five total rate cuts!Tuesday, Fed Chair, Jerome Powell did not repeat that the base case was that “it is likely to be appropriate to cut interest rates in 2024”Chart 1.Terminal ratesWith the US labour market surprising to the upside and core inflation picking up momentum, markets are adding probabilities to scenarios in which the US economy is more resilient to interest rates this time around and where rate cuts will not only come later and be fewer but also where r* may be higher.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EUR rates: Front-end sell-off