Fed up with surprises

Last week’s stronger-than-expected US employment report have combined with some comments from FOMC members suggesting the Fed may be in no great hurry to reduce interest rates next year to generate a big repricing in financial markets over the past few days. Geopolitical uncertainty in the Middle East and the plight of China’s economy have additionally been a key focus for many investors. In our charts this week we home in on:

·       US data surprises and the Fed

·       Supply chain pressures and inflation

·       China’s economic outlook

·       Electricity prices in Germany and the US

·       The global economic cycle

·       The Blue Chip growth consensus for 2025