Schroders global investment article stated that their forecast for the global economy remains largely unchanged. They now expect global economic growth to be 2.7% in 2024 and 2025, slightly lower than the previous forecast of 2.8%. They also predict that inflation will remain at 3.1% in 2024 and fall to 2.5% in 2025, slightly higher than the previous forecast of 2.4%. Schroders global stated that central banks around the world are unlikely to implement monetary policy easing to the extent expected by the financial markets. Policy makers will cautiously lower interest rates to avoid a second wave of inflation. Concerns of economic recession in the United States are said to be exaggerated. The increase in unemployment is not due to layoffs, but because the pace of net immigration is exceeding the rate of new job creation. Additionally, the labor market has returned to a more balanced state, and hiring and wage growth are expected to return to a more normal pace. Considering further inflation slowdown and improved credit supply, this will help support steady growth in household consumption and promote overall economic activity in the United States. The growth rate of the UK economy is expected to outpace that of the Eurozone. The Eurozone economy is suffering from sluggish manufacturing. Although there has been a recovery in the global commodity cycle, factory output still lags behind consumer-oriented industries. Comparatively, Schroders global is slightly more optimistic about the economic growth prospects of the UK. They currently expect the growth rate of the UK economy to exceed that of the Eurozone in 2024 and 2025. However, disruptions in the local economy's supply suggest that faster growth will lead to persistent inflationary pressures. Policy makers are expected to cautiously lower benchmark interest rates. The Federal Reserve is expected to lower rates quarterly starting in September 2024, with an additional rate cut in 2025 due to unexpectedly low core inflation. Adjustments to rate forecasts for the European Central Bank and the Bank of England reflect a reduction in rate cuts by both banks before the end of 2025 from the previously expected number. However, Federal Reserve Chairman Powell's remarks at the Jackson Hole meeting were noticeably dovish, increasing the risk of a larger-than-expected rate cut. This has led to a decline in the US dollar, which has fallen by about 3.5% since early August. Fundamental factors suggest that the dollar may depreciate in the medium term, but the market's expectations of significant rate cuts may provide support for the dollar in the short term. The outcome of the US presidential election could go either way. Kamala Harris is slightly favored in the betting markets, with an implied probability of winning the election at 50.5%. Schroders global believes that the likelihood of Trump and Harris winning is the same, assuming the betting market predictions are correct. From an economic standpoint, if Harris wins, she may face a divided Congress, making the impact on the economy very limited. However, if Trump wins, there may be a risk of renewed inflation as he implements deregulation, new trade protectionism, and anti-immigration policies.