Fed’s holding pattern continues amid competing risks

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Markets and observers weren’t surprised when the Federal Reserve held its policy rate steady at the April meeting. More notable, in our view, were the three dissents by voting participants

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U.S. employment volatility masks structural shift

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U.S. headline employment rebounded strongly in March, posting the largest monthly gain since late 2024. The jobs rebound, which was broad-based across industries, was a welcome sign after February’s data

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China’s growth engine faces fresh challenges

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China’s ability to sustain fairly robust economic growth despite a massive property sector downturn is now facing new tests as global trade barriers rise, and domestic demand shows fresh signs

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Long view on the Fed: ‘We do not anticipate dramatic shifts in monetary policy”

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Despite heightened political noise surrounding the Federal Reserve, we do not anticipate dramatic shifts in monetary policy – regardless of who is confirmed as the next chair. A Trump-appointed candidate

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CPD: Seeking stability

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At a time of sweeping geopolitical change and clear challenges for riskier assets, bond markets offer a source of stability. Key takeaways The world has entered a period of geopolitical

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Uncertainty is certain – cyclical outlook

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Key takeaways The change in U.S. leadership increases global economic uncertainty in 2025. The incoming administration’s protectionist proposals have the power to reshape trade relationships and alter economic dynamics worldwide.

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Cyclical outlook – securing the soft landing

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The fixed income outlook remains strong across multiple economic scenarios as the U.S. Federal Reserve joins other central banks in cutting interest rates. Key takeaways In the wake of pandemic

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