Report
A smooth start to the year
After the ‘excesses’ at the end of the year, the markets started the new year with a slight correction, with the US and Bund 10-year yields rising to 4% and above 2.15% respectively, a slightly stronger dollar and stock markets down slightly. The long-awaited US inflation figures failed to give direction to the markets, which were hesitant given the uncertainty over the timing of the first ECB and Fed rate cuts and the extent of the rate cuts in 2024. Inflation did not help to refine market expectations, which still favour a possible first rate cut as early as March for the Fed (65% probability) and April for the ECB. In this environment, the markets will continue to monitor macro indicators (US retail sales and quarterly earnings) and the statements of many central bankers (Fed, ECB) to fine-tune their expectations.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
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