Fitch Ratings stated in its latest economic forecast that global economic growth is deteriorating, owing to “the deepening slump in China’s property market, casting a shadow over global growth prospects just as tighter financial conditions weigh on the demand outlook in the US and Europe.”

Key Quote

“Fitch expects the US to fall into recession in the first half of 2024.”

“Federal Reserve “is now close to reaching a peak on rates and we expect just one more 25-basis-point hike to 5.75%. But core inflation is still high — particularly in services — and we have pushed back the date of the first Fed rate cut to May 2024.”

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