Fast Comment US — Fed raises rates and more rate hikes on the way

1. Fed hikes rates, as expected, and signals that further gradual increases lie ahead
2. Minor tweaks to press statement and FOMC projections: Fed on course for rate hike in December
3. We expect the Fed to continue to raise rates once a quarter

Fast Comment US — Strong labour market keeps Fed on track for further rate hikes

1. Employment growth continues to go from strength to strength
2. Wage pressure building
3. We expect the Fed to continue to raise rates once a quarter

Global macro forecast — A diverging world

• Geopolitical risks dominate
• US and China dictating the pace
• Shift in economic cycle imminent - slowdown in the pipeline

Fast Comment US — Underlying employment growth strong; continued moderate wage growth

1. Underlying employment growth strong
2. Continued moderate wage growth
3. Strong labour market will keep the Fed hiking

Fast Comment US — Fed on course for rate hike in September

1. Fed leaves rates on hold, as expected
2. Minor tweaks to press statement; Fed on course for rate hike in September
3. We expect that the Fed will continue to raise rates once a quarter

Fast Comment US — Employment Report June: Strong employment gains, but weak wage growth

1. Strong employment gains, but the unemployment rate rose to 4.0 percent
2. Weak wage growth, despite tight labour market
3. We continue to forecast two more rate hikes this year