Different Trajectories
from Macro Minutes
We are approaching final central bank decisions of 2024 with uncertainty about ultimate outcomes, but clear differences across jurisdictions on where economies are headed. In Canada, soft growth data has solidified our expectation for a second consecutive 50bp cut despite firmer inflation data last month, while US economic exceptionalism has markets pricing a material possibility of a skip on the 18th. Across the Atlantic, the ECB is debating between 25bp and 50bp, while the BoE looks set to pass at its final meeting of 2024. Meanwhile, FX and equity markets have been impacted by the central bank pricing volatility, incoming Trump administration and the threat of US tariffs. Participants: Simon Deeley (Desk Strategy), Canada Rates Strategist Blake Gwinn (Desk Strategy), Head of US Rates Strategy Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics Elsa Lignos (Desk Strategy), Head of FX Strategy Lori Calvasina (Research), Head of U.S. Equity Strategy * Research Analyst opinions are their published views, independent of those expressed by Desk Analysts
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