The baseline scenario combines stable growth in the US with a gradual reacceleration in the Eurozone, where inflation is close to target and should prompt the ECB to cut rates further in the autumn. Inflation has resumed declining in the United States, and expectations are now for an initial Fed rate cut in September. Also in the US, increasing focus on the presidential election could generate volatility on the markets, that are already stretched. Discover Eurizon’s positioning for August 2024 with Andrea Conti, Eurizon’s Head of Macro Markets. Audio recorded on 24 July 2024.