September Monthly Investment Strategy - The sum of all fears
- 25 September 2024 (10 min read)
Beyond the US
It is difficult to look beyond the US economy as the key market driving force. The Federal Reserve (Fed) cut rates by 50 basis points (bps) – a strong start to the easing cycle that it now envisages unfolding more quickly than in June. In the US section of this report, we question the scale of the easing that markets, and now implicitly the Fed, expect over the coming year. Indeed, we believe the Fed’s reactivity to short-term data and recent communications have added to market volatility over the last few months, with rate volatility indices back towards start-of-year highs.
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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.