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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS analysts anticipate a 25 basis point interest rate cut by the Fed in December, with further gradual reductions expected through 2025, potentially lowering rates to a neutral level of 3.25% to 3.5%. Despite resilient consumer spending, concerns about high core inflation and political uncertainties surrounding Trump's upcoming inauguration add complexity to the Fed's decision-making process.
The EU is adopting a cautious wait-and-see strategy in response to the Trump presidency, aiming to avoid a trade war. Leaders are addressing economic challenges in Budapest, while Ukrainian President Zelenskyy dismisses Trump's rapid peace proposal for Ukraine. French President Macron emphasizes the need for Europe to strengthen its position in a competitive global landscape.
China's industrial profits fell 10% in October year-on-year, following a 27.1% drop in September, indicating that stimulus measures have yet to boost corporate earnings. In the Asia-Pacific, markets reacted to Australia's cooling inflation and New Zealand's interest rate cut. On the political front, President-elect Trump appointed Kevin Hassett to lead the National Economic Council, while China dismissed his tariff threats, attributing blame for the fentanyl crisis elsewhere.
Sri Lanka’s central bank has established a new single benchmark interest rate at 8% to support the economy's recovery from a significant crisis. This adjustment translates to an effective reduction in the policy interest rate of approximately 50 basis points, as stated by the central bank.
President-elect Donald Trump has appointed Kevin Hassett to lead the National Economic Council and Jamieson Greer as the US Trade Representative, key roles in his economic team. Hassett will focus on tax cuts, while Greer, pending Senate confirmation, will oversee Trump's tariff initiatives.
Donald Trump has appointed Kevin Hassett to lead the National Economic Council, enhancing his economic team as he prepares for his inauguration on January 20. Hassett, who previously chaired the Council of Economic Advisers, will play a key role in shaping policies on trade, taxes, and deregulation. Alongside this, Trump has nominated Jamieson Greer as U.S. Trade Representative and indicated plans to raise tariffs on Chinese goods and products from Mexico and Canada.
President-elect Donald Trump is set to announce Jamieson Greer as the new US Trade Representative, emphasizing the significant role of tariffs in his economic strategy. Trump plans to impose a 25% tariff on imports from Canada and Mexico, along with a 10% levy on Chinese goods, despite warnings from economists about potential inflation and increased national debt. Greer, a protégé of former Trade Representative Robert Lighthizer, is expected to be instrumental in executing these trade policies.
U.S. markets reached record highs despite President-elect Trump's tariff threats, with the S&P 500 rising 0.57% and the Dow Jones up 0.28%. However, automakers like GM and Stellantis faced declines due to proposed 25% tariffs on imports from Canada and Mexico. A permanent ceasefire between Israel and Hezbollah is set to begin, while the Fed plans to gradually lower interest rates if inflation stabilizes at 2%.
New Zealand's central bank has cut its benchmark interest rate by 50 basis points to 4.25%, marking the third consecutive reduction as the economy struggles. Economic activity remains subdued, with GDP contracting for four consecutive quarters, while inflation has eased to 2.2%. The Reserve Bank anticipates further rate cuts in early 2025 to stimulate growth, although employment growth is expected to remain weak until mid-2025.
New Zealand's central bank has cut interest rates by half a percentage point for the second consecutive meeting, lowering the Official Cash Rate to 4.25%. However, the Reserve Bank of New Zealand indicated a slower pace of easing ahead, with inflation expected to rise, projecting an average OCR of 3.83% by mid-next year. The local dollar experienced a surge following the announcement.
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