2ndQuarter2024SVBAssetManagementviewsoneconomicandmarketfactorsaffectingglobalmarketsandbusinesshealth•TheFederalOpenMarketCommitteeTheFOMCmaintainsthefedfundsrateforthefifthconsecutivemeeting.(FOMC)heldthefedfundsratesteadyTheFOMCkeptthefedfundsrateatarangeof5.25%to5.50%.ItremainscommittedtoachievingatitsMarch2024meeting.Aprolongedmaximumemploymentandits2%inflationtarget.inflationaryenvironmentpushedthetimingofratecutsintomid-2024,andThetimingofratecutsin2024willbedata-dependent.reducedthenumberofexpectedrateTheFedcontinuestoforecastthreeratecutsof25basispoints(bps)eachbytheendof2024,butiscutsfromsixtothreefortheyear.carefullyconsideringinflationmetricsandtheeconomy’sfinancialstability.•DuringtheMarchpressconference,Inflationhastrendedslightlyupward.BoardChairmanJeromePowellCorepersonalconsumptionexpenditures(PCE)—theFed’spreferredinflationindicator—rose2.8%onobserved“inflationisonabumpyroadayear-over-year(YoY)basis.TheFedcontinuestoexpectinflationtodeclineinto2024.backto2%.”TheFOMC’sSummaryofEconomicProjections(SEP)reviseditsHigh-carrycurrencies,commoditiesandcryptocurrenciesoutperform.2024economicexpectationsforCoreWithratehikesnolongeranticipatedandtheeconomyprovingresilient,reflationassets(i.e.,bitcoin,PersonalConsumptionExpendituregold,naturalgas)havebouncedbackfromcyclelows.(PCE)from2.4%to2.6%...
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