November 2024 | The move up in bond yields, US stocks (record highs in October), and Europe indicate markets' perception of a perfect scenario centered around strong US growth and falling inflation and a positive impetus from monetary easing in Europe. Although we acknowledge the resilience of the US, not all data in the US and Europe has been straightforward.
01 | Amid a deterioration in US job markets, we expect an increase in the unemployment rate.
02 | We believe inflation should be close to the Fed's target around mid-2025.
03 | Markets' expectations on the Fed are now closer to our internal projections of two more rate cuts this year.
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