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March Global Macro Monthly - Inflation divergence to drive monetary tensions
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Investment
Institute
Monthly Market Update
March Global Macro Monthly - Inflation divergence to drive monetary tensions
27 March 2024
(7 min read)
KEY POINTS
Markets continued to pare back expectations for rate cuts, until central banks gave clearer guidance.
Disinflation momentum appears to have slowed in key economies, but has not gone into reverse, subject to risks associated with Middle East conflicts.
Growth in different economies has been subject to very different dynamics. Until now inflation has appeared highly synchronised in most regions. Looking ahead, inflation drivers could diverge in key regions.
In most cases, monetary policy will have to adapt to accommodate emerging differences – indeed this process is underway in several important economies.
Elections continue to be a feature for local developments, with the exception of the US election which weighs on many aspects of the global economy.
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Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.
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