After many delays we think the US Fed will – finally – raise rates in December. However, the global easing cycle is likely to continue next year,for several reasons. Underlying inflation in Japan and much of Europe is set to stay well below central bank targets. Growth will probably remains luggish in most commodity exporting economies,even though we expect commodity prices to recover. And lingering concerns about economicgrowth in China mean the People’s Bank is likely to continue loosening policy too.
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