2min chapter

Thoughts on the Market cover image

End-of-Year Encore: 2023 Global Macro Outlook - A Different Kind of Year

Thoughts on the Market

CHAPTER

How Do You Think Central Banks Will Respond to This Background?

The Fed is going to have to balance what we see as some moderation of inflation. Central banks are very well advised to be super cautious with what's going on. We don't think the ECB is going to start to cut rates just because they see first indications of a recession. They will stay in restrictive territory while the economy is in recession to see how inflation evolves over time.

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