The Federal Reserve is expected to deliver an interest-rate cut this week, but markets may not get as many U.S. rate cuts in 2025 as they anticipate, says the Private Bank’s Global Chief Investment Officer, Christian Nolting. "We do not expect the Fed to cut massively in 2025,” Christian says.

U.S. retail sales figures will be important to watch in the week ahead, because “It’s a very consumer-oriented economy,” Christian says. Markets will also be on alert for a read on U.S. GDP.

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