Investment Letter — January 2025
As expected, the Fed cut interest rates by 25 bps, bringing the Fed Funds rate to 4.25%-4.5%. With this move, the FOMC wraps up a 100-bps easing in 2024.
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As expected, the Fed cut interest rates by 25 bps, bringing the Fed Funds rate to 4.25%-4.5%. With this move, the FOMC wraps up a 100-bps easing in 2024.
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The return of Donald Trump to the White House could already be felt in late November PMIs which featured the strongest Composite since April 2022 (55.3 vs 54.3 exp.), on the heels of soaring Services (57 vs 55 exp.).
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In the US, GDP grew at a solid 2.8% annualized pace in Q3. The ability of the American economy to climb the wall of uncertainty is impressive and recession fears are in the rearview.
LEARN MOREAfter sending signs of weakness in the midst of the summer, the US economy has -once more-proved doomsayers wrong. Positive developments in the disinflation process have revived hopes of a soft-landing.
LEARN MOREIn the US the Fed decided to start its lowering campaign with a 50bp bringing the Fed funds rate to 4.75-5%.
LEARN MOREThis is the 1st time since the start of the year that macroeconomic indicators have shown signs of slowing.
LEARN MOREThe surprises measured by the Citigroup index point to a slight deterioration in the US economy.
LEARN MOREThe US economy remains solid overall, as the indicators released in May attest.
LEARN MOREThe US economy continued to show its strength in April. The leading indicators for March, both the manufacturing PMI and the ISM, published on April the 1st came out above 50, confirming a phase of expansion.
LEARN MOREThe ISM manufacturing index for February, published on March 1st, came out slightly below expectations, lower than January's level and below the threshold of 50, raising fears of a contraction in activity.
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