Barclays_Global_Macro_Thoughts_When_doves_fly

GlobalMacroThoughtsFOCUSWhendovesflyFICCResearchGlobalMacro25March2024TheGMTwilltakeapausenextweek,andreturnthefollowingweek.AjayRajadhyaksha+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:25-Mar-24,11:16GMTReleased:25-Mar-24,11:20GMTRestricted-ExternalRestricted-ExternalTheworldataglance•TheFedshrugsoffrecentinflationdata,whileothercentralbanksalsoprepareforcuts•JapanesemarketsexpectashallowBoJcycle•TheS&P500hitsanewrecordhigh,evenastheCNYfixingspookstheCNHmarket•Makingsenseofitall225March2024Restricted-ExternalTheFedbelieves...