Waiting for rate cuts. Moving into 2Q24, it is clear that many central banks, including the US Federal Reserve, have ceased their hiking endeavours. However, no central bank has yet to implement any rate cuts, which means rates are still in restrictive territory and weighing on commodity demand. This challenging state of affairs could persist as hopes of early rate cuts fade on the back of an exceptionally resilient US economy and labour market.
Figure 1: Subdued PMI
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