Despite sustained high interest rates, the US economy continues to outperform. The GDP growth estimate for 2024 was revised higher and is currently around 2.2%, up from 0.9% just six months ago. Although the upward revision was largely driven by the persistent strength of the US labour market, most parts of the US economy continue to record solid growth.
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The simple answer is yes. It would not be the first emerging market to do so. Globally, central banks have cut policy rates 52 times so far this year, mostly in developing and emerging markets, including Brazil, Sri Lanka, Vietnam, Georgia, Belarus, Chile, Peru and Poland.
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The US Fed has made a major change in policy by moving to an average inflation target and reinforcing inclusive employment goals, STANLIB’s Multi-Strategy team explores the impact of this policy change.
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