Investment Institute
Monthly Market Update

March Global Macro Monthly - Inflation divergence to drive monetary tensions

  • 27 March 2024 (7 min read)
Markets continued to pare back expectations for rate cuts, until central banks gave clearer guidance.
Disinflation momentum appears to have slowed in key economies, but has not gone into reverse, subject to risks associated with Middle East conflicts.
Growth in different economies has been subject to very different dynamics. Until now inflation has appeared highly synchronised in most regions. Looking ahead, inflation drivers could diverge in key regions.
In most cases, monetary policy will have to adapt to accommodate emerging differences – indeed this process is underway in several important economies.
Elections continue to be a feature for local developments, with the exception of the US election which weighs on many aspects of the global economy.

Related materials

Full March Global Macro Monthly
Download (531.46 KB)
Full March Strategy Deck
Download (1.9 MB)
Investment Institute

Our experts and investment teams outline their key convictions.

Visit the Investment Institute

Have our latest insights delivered straight to your inbox

Subscribe to updates.


    This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.
    Back to top