
Fixed Income Global fixed income strategy - September 2023
The US Federal Reserve (Fed) chose not to raise interest rates at its most recent meeting, but it adopted a relatively hawkish posture concerning future adjustments.
Third quarter US GDP data surprised to the upside, and most US data point to a stronger than expected impetus to economic growth. Consumption continues to drive growth - the labor market is solid, and, as inflation has come down, real incomes have improved. These factors have supported US growth in the most recent quarter.
The US Federal Reserve (Fed) chose not to raise interest rates at its most recent meeting, but it adopted a relatively hawkish posture concerning future adjustments.
After abruptly ending its zero-COVID policy, China bounced back strongly in the first quarter.
As the market patiently waits for global central banks to wind down their rate hiking cycles, we wonder, is the journey really this long, or have we gotten lost along the way?