The Fed’s Beige Book confirmed that the economy was facing mounting risks of a slowdown. European inflation was lower than expected. Inflation is falling throughout the continent and across the board (food, energy, goods and services) so there will be less pressure on European monetary policy in 2024. We are still upbeat on government bonds as we expect to see rate cuts in 2024. As for corporate debt, we are still keen on carry strategies and we are maintaining our equity upgrade with a more positive outlook.
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