Week ahead: Updates from the RBA and SNB eyed; US PCE data also on the radar

At the centre of things last week was the US Federal Reserve (Fed) rate announcement.

The week that was: Fed hammers home a 50bp cut At the centre of things last week was the US Federal Reserve rate announcement. In an 11-1 vote, the Fed initiated its easing cycle, reducing the target on the funds rate by an outsized 50 basis points . Bringing the overnight rate to 4.75-5.00% marks the first rate cut since early 2020.

The Research Team recently noted: ‘The BoE now forecasts real Gross Domestic Product to ease to 0.3% in Q3 24, a touch south of the 0.4% August forecast. While the economy grew 0.5% in the three months to July 2024, albeit softer than the market’s median estimate of 0.6% and lower than June’s reading of 0.6%, real GDP flatlined again in July, defying economists’ expectations of 0.2%’. Overall, the GBP is likely to remain underpinned for the time being.

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