Global Watch May 2024

The general expectation at the start of 2024 was that the Fed would be in the early stages of easing monetary policy by this stage of the year. However relatively large monthly increases in US consumer prices over the January-March period has dented the Fed’s confidence that inflation is on a path back to 2%, resulting in a delay to any cut in interest rates. In contrast, the ECB is increasingly confident that Euro area inflation is heading back to target and has all but confirmed a rate cut in June.

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