The US economy remains resilient, four months into 2024. April did, however, bring further moderation to interest rate expectations and a summer US rate cut now appears unlikely.
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Trends across the main economic regions accelerated in February, particularly in the US where employment data was again resilient.
Weakening market sentiment led global bond and equity markets lower in October given heightened geopolitical risks and expectations that interest rates will stay higher for longer
Following a strong July, global markets proved volatile in August and by month end, both Developed and Emerging equity markets had struggled to deliver positive returns.
Resilient economic data across global markets in February suggests expectations of an
imminent pause to interest rate hikes (and the start of rate reductions) need to be
reassessed.