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Each week, I provide my views on the global macroeconomic environment, with a look ahead to the coming week and a look back at the previous one. Breaking down the top macro headlines around the world, I explain the key implications for investors—and what I think the mainstream news outlets could be missing. This week’s highlights include:

  • The Federal Open Market Committee delivered a hawkish pause, holding US rates steady while acknowledging “somewhat elevated” inflation, suggesting no further easing in the near term. Market expectations for ~46 basis points (bps) of rate cuts by year end were unchanged.
  • The US economy grew by 2.8% in 2024, driven largely by strong consumer spending, but growth slowed to an annualized rate of 2.3% in the fourth quarter.
  • The European Central Bank unanimously decided to cut the deposit rate 25 bps to 2.75%, and the market anticipates another cut in March. I expect the euro to weaken below parity with the US dollar as rates continue to fall.

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Behind the Headlines

Market Update

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Published on January 31, 2025.

This content represents the views of the author(s), and its conclusions may vary from those held elsewhere within Lazard.
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