Weekly Market Commentary - 1st May 2024

This week saw more volatility as markets got to grips with another surprising economic update. Only a week after strong US consumer activity unsettled markets, weak US GDP growth in the first quarter did the same. The level of economic activity shown in this week’s Purchasing Managers’ Indices suggests any slowdown may be temporary, and US growth is still far higher than the level seen in the UK and Europe, However, there was little to dissuade bond investors from the assumption that Federal Reserve rate cuts will be delayed.

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