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UBS Wealth Mgmt: Mar US Retail Sales Beat Estimation; Rate Cut Forecast Kept at 2 Times for 2024
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The latest US retail sales report came in better than the market's expectation, with total retail sales adding 0.7% MoM in March, and a raise in the data for January and February, the office of the Chief Investment Officer at UBS Wealth Management APAC said. Although the US economy remains resilient, UBS believed that slower growth will help cooling consumption expenditures. Therefore, UBS kept its expectations at 2 rate cuts for 2024, each by 25 bps, and expected the Fed to start cutting rates in September 2024. It is expected that by the end of 2024, the 10-year treasury yield may fall from the current 4.61% to around 3.85%, therefore UBS remained bullish on high quality bonds. AAStocks Financial News |
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