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Global Macro Comment — US and China step away from the brink; rate cuts in July (Fed), September (ECB)

At the G20 summit, Xi Jinping and Donald Trump stepped away from the brink and agreed on a temporary, but argua-bly fragile, trade truce. We have had rate cuts from the Fed next year in our forecasts for some time, but we now ex-pected to see them sooner. Despite it likely being a close call, we expect the Fed to cut its interest rate by 25bp in July and to deliver a cumulative 75bp of cuts early next year. We expect the ECB to adjust forward guidance in July, cut rates in September by 10bp and likely introduce quantitative easing thereafter.

Erik Meyersson, Senior Economist | erme03@handelsbanken.se

Morgenmelding Danmark —

Bjarke Roed-Frederiksen, Senior Economist | bjro03@handelsbanken.dk

Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Morgenmelding Danmark —

Bjarke Roed-Frederiksen, Senior Economist | bjro03@handelsbanken.dk

Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk