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Markets are broadly steady. Market-implied probability of a Fed interest rate cut in July 2019 remains above 80%.
Just under a year ago, the Federal Reserve (Fed) began a process to review its monetary policy strategy, tools and communication practices.
Bond market stay in favor amid geopolitical and trade uncertainty, alongside stepped up prospects of Fed and ECB easing.
A batch of May economic indicators are announced today, together with previously released trade and credit data, suggesting that the risk of growth deceleration looms large as US-China trade war remain unsettled. We anticipate more monetary and fiscal easing measures to be deployed to sustain growth momentum.