Our Global Markets Chart Pack has been updated with the latest data and our analysis of recent developments.
Our View: We are more dovish than investors regarding the amount of rate cuts that the Fed – and several other DM central banks – will deliver next year. As a result, we forecast that Treasury yields will fall further over the next year or so, putting downward pressure on yields across the world. While disappointing growth might mean that “risky” assets underwhelm in the next couple of months, we suspect that they will fare quite well next year as economic growth recovers. In the case of equities, we think that growing enthusiasm for AI will push prices much higher still in the next couple of years, particularly in the US.
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