Gilles Moec

Market expectations of central bank interest rate cuts in 2024 are reasonable, according to Gilles Moëc, the Axa group chief economist and Axa IM head of research, who presented Axa’s outlook for next year in Luxembourg this week. He painted a relatively rosy picture for the US and, to a lesser extent, stagnating Europe, pointing to evidence that inflation is finally under control and that political troubles are not yet certain.

Credit markets have been hit hard across the board. ‘Exiting at normal prices is now virtually impossible because there is hardly any liquidity.’ Only ETFs can still be easily sold, resulting in dramatic price declines. Can the ECB’s latest support package restore calm?