Barclays_Global_Macro_Thoughts_A_reasonable_reset

GlobalMacroThoughtsFOCUSAreasonableresetFICCResearchGlobalMacro8January2024AjayRajadhyaksha+12124127669ajay.rajadhyaksha@barclays.comBCI,USMaxKitson+44(0)2035552386max.kitson@barclays.comBarclays,UKKaanhariSingh+85229032651kaanhari.singh@barclays.comBarclaysBank,HongKongWherenotedinthesourcenotes,theviewsexpressedwithinthisreportaretakenfrompreviouslypublishedresearch.Forfurtherdetail,includingimportantdisclosuresandanalystcertifications,pleasefollowthelinksoneachpageandonpage8.ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE9.Completed:08-Jan-24,11:30GMTReleased:08-Jan-24,11:34GMTRestricted-ExternalRestricted-ExternalTheworldataglance•Macroconditionshavenotchangedinthelastfewweeks,despitemarketsgyratingalot•TheUSeconomystillhasmomentum,andinflationintheWesthasdroppedconsiderably•Financialmarketsover-reactedintheDecemberrisk-on,andarenowresetting•Ourcallisunchanged–toomany2024cutsarepricedin,andwelikestocksoverbonds28Janu...