September Monthly Investment Strategy - The sum of all fears
- 26 September 2024 (10 min read)
Beyond the US
It is difficult to look beyond the US economy as the key market driving force. The Federal Reserve (Fed) cut rates by 50 basis points (bps) – a strong start to the easing cycle that it now envisages unfolding more quickly than in June. In the US section of this report, we question the scale of the easing that markets, and now implicitly the Fed, expect over the coming year. Indeed, we believe the Fed’s reactivity to short-term data and recent communications have added to market volatility over the last few months, with rate volatility indices back towards start-of-year highs.
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