External broker reports(aggregated public sources), BNP Paribas

BNP Paribas

Based in Paris, BNP Paribas' Economic Research Department is composed of economists and statisticians: The OECD Economics team, in charge of macroeconomic and financial forecasts, and the team of statisticians, both headed by Hélène Baudchon. The Emerging Economies and Country Risk team, led by François Faure and assisted by Christine Peltier, responsible for assessing country risk and its components. The Banking Economics team, led by Laurent Quignon, studies the banking systems of major developed countries and the impact of prudential standards. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

FOMC View: One 25 Bps Easing in Late 2025 and Two 25bps Easings in 2026

Macroeconomics

<ul><li>The first FOMC meeting of 2025 (28-29 January) should result in the target rate being held at +4.25% - +4.5%.</li><li>In our view, this would mark the beginning of a pause lasting until mid-2026, due to the anticipated pick-up in inflation that would result from Donald Trump's economic policy.</li><li>The Time for Rate Cuts Appears to Be Over: Last September, the Fed initiated a monetary easing cycle, justified by the progress of disinflation, the softening of the labour market and the willingness to shield economic growth.</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>

The first FOMC meeting of 2025 (28-29 January) should result in the target rate being held at +4.25% - +4.5%.In our view, this would mark the beginning of a pause lasting until mid-2026, due to the anticipated pick-up in inflation that would result from Donald Trump's economic policy.The Time for Rate Cuts Appears to Be Over: Last September, the Fed initiated a monetary easing cycle, justified by the progress of disinflation, the softening of the labour market and the willingness to shield economic growth.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.

FOMC: Time for a Pause