Macro and Market Perspectives: Slowing – but still growing
We see global growth slowing as the expansion enters its final stage. The slowdown comes as the U.S. economy becomes a drag rather than a driver. It is driven by elevated uncertainty around policy plans, the tech rivalry between the U.S. and China and tighter financial conditions. Trade activity, business sentiment and investment plans have softened. The fading U.S. fiscal boost should be offset by heftier stimulus in China and Europe. Slower growth and modest inflation allow central banks to pause policy normalisation, in our view. The risk of a U.S.