Strong fundamentals contrast rising volatility and heightened uncertainty around extent of rate cuts

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<title>Strong fundamentals contrast rising volatility and heightened uncertainty around extent of rate cuts</title>
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<dateIssued>2024</dateIssued>
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<abstract displayLabel="Summary">Growth: normalisation progresses. Upside risk to full-year growth in US and Europe after a strong 2Q24, even though economic momentum is set to soften in 2H24. Inflation: disinflation on track, but some turbulence ahead. Reverse base effects will feed inflation volatility in 2H24, but we continue to expect a steady return to 2% targets. Interest rates: renewed focus on labour markets. Recent employment softening adds upside risk to our US rate call for this year</abstract>
<note>Internacional</note>
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<topic>Mercado de seguros</topic>
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<topic>Riesgo financiero</topic>
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<topic>Tipos de interés</topic>
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<topic>Inflación</topic>
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<title>Economic and financial risk insights</title>
<partNumber>August 2024</partNumber>
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