Global Macro Outlook

The global economy reached an inflection point over the summer. After several quarters
in which inflation was the primary focus for investors and central bankers alike, cooling
price pressures over the summer facilitated a pivot to a more balanced view of the
growth/inflation trade-off. As concerns about growth moved into sharper focus, monetary
policy began to transition out of restrictive territory and toward a more neutral stance.
Major central banks throughout the world have embarked on an easing cycle, not
because the economy is weak but to prevent it from becoming so. This is meant to be
more preventative medicine than a cure to an existing ailment.