In 2024, the markets tried to guess what the world would look like after the big rate hikes of 2022-23. In April there was talk of ‘higher for longer’. Growth held, inflation held, and central banks were cautious. In August, the US labour market showed signs of weakening and the markets called for cuts.
The focus of central banks has therefore shifted from inflation to growth. While the Fed faces a resilient US economy and will have to be cautious in its round of cuts, in Europe the ECB will have to cut to cope with an economic slowdown, albeit not a recession.
In the latest Algebris podcast, this and an analysis on the upcoming US elections and the delicate situation in the Middle East. Listen to Gabriele Foà (Global Credit Portfolio Manager) and Douglas Branson (Head of Business Development UK).
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