In its latest outlook published on Wednesday, the OECD said that it sees US Fed funds rate peaking at 5.25%-5.5% from Q2 2023, followed by two "modest" cuts in H2 2024.
Additional takeaways
OECD sees US growth of 1.6% in 2023 and 1.0% in 2024 (previously 1.5% in 2023 and 0.9% in 2024).
Sees global GDP growth of 2.7% in 2023 and 2.9% in 2024 (previously 2.6% in 2023 and 2.9% in 2024).
Sees Chinese growth of 5.4% in 2023 and 5.1% in 2024 (previously 5.3% in 2023 and 4.9% in 2024).
Sees Japanese growth of 1.3% in 2023 and 1.1% in 2024 (previously 1.8% in 2023 and 0.9% in 2024).
Sees Euro area growth of 0.9% in 2023 and 1.5% in 2024 (previously 0.8% in 2023 and 1.4% in 2024).
Sees ECB rates peaking in q3 2023 and remaining unchanged at 4.25% to end 2024.
UK growth of 0.3% in 2023 and 1.0% in 2024 (previously -0.2% in 2023 and 0.9% in 2024).
No rate hike in Japan until end of 2024.
No further rate hikes expected in Canada and South Korea, rate peaks expected in Australia and the UK from Q2 2023.
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