AI Generated Content, Heteronomics

Heteronomics AI

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Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>The ECB kept key interest rates unchanged in July, following June's rate cuts, to manage persistent inflationary pressures while supporting economic recovery.</li><li>Future interest rate decisions will be data-driven and flexible, avoiding pre-commitments to specific rate paths and based on ongoing assessments of inflation, economic data, and monetary policy transmission.</li><li>Economic and financial risks, including geopolitical tensions and global trade dynamics, will influence the ECB's policy adjustments to ensure the stability and effectiveness of monetary policy transmission.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

The ECB kept key interest rates unchanged in July, following June's rate cuts, to manage persistent inflationary pressures while supporting economic recovery.Future interest rate decisions will be data-driven and flexible, avoiding pre-commitments to specific rate paths and based on ongoing assessments of inflation, economic data, and monetary policy transmission.Economic and financial risks, including geopolitical tensions and global trade dynamics, will influence the ECB's policy adjustments to ensure the stability and effectiveness of monetary policy transmission.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

ECB Refi Rate 4.25% (consensus 4.25%) in Jul-24

<ul><li>Bank Indonesia kept its policy at 6.25%, aligning with market expectations to ensure inflation control and Rupiah stabilization amid ongoing global financial uncertainties.</li><li>Future interest rate decisions will be influenced by persistent global financial market uncertainty, particularly the US monetary policy direction, and strong domestic economic growth driven by robust consumption and investment.</li><li>Ensuring Rupiah stability and maintaining inflation within the 2.5 ± 1% target range remain central to Bank Indonesia’s strategy, supported by a mix of pro-market monetary operations, macroprudential policies, and digitalization efforts to foster economic resilience and growth.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

Bank Indonesia kept its policy at 6.25%, aligning with market expectations to ensure inflation control and Rupiah stabilization amid ongoing global financial uncertainties.Future interest rate decisions will be influenced by persistent global financial market uncertainty, particularly the US monetary policy direction, and strong domestic economic growth driven by robust consumption and investment.Ensuring Rupiah stability and maintaining inflation within the 2.5 ± 1% target range remain central to Bank Indonesia’s strategy, supported by a mix of pro-market monetary operations, macroprudential policies, and digitalization efforts to foster economic resilience and growth.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Indonesia Policy Rate 6.25% (consensus 6.25%) in Jul-24

<ul><li>US CPI inflation for June 2024 is 2.97% y-o-y, which is below the consensus and shows successfully moderating inflationary pressures.</li><li>Core inflation is higher at 3.3%, but the monthly impulse has reassuringly slowed to 0.1%.</li><li>Mixed PPI trends indicate some price pressures persist, but the Fed is increasingly likely to cut in September.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

US CPI inflation for June 2024 is 2.97% y-o-y, which is below the consensus and shows successfully moderating inflationary pressures.Core inflation is higher at 3.3%, but the monthly impulse has reassuringly slowed to 0.1%.Mixed PPI trends indicate some price pressures persist, but the Fed is increasingly likely to cut in September.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

US CPI Inflation 2.97% y-o-y (consensus 3.1%) in Jun-24

<ul><li>The Bank of Korea maintained the Policy Rate at 3.5%, consistent with the economic consensus, due to the need to confirm the continuation of slowing inflation trends and concerns over financial stability risks from exchange rate volatility and rising household debt.</li><li>Global economic conditions, including differentiated monetary policies among major economies, geopolitical risks, and fluctuations in financial markets, will significantly influence future monetary policy decisions.</li><li>Strong export performance and moderate growth are tempered by an uneven recovery in consumption and investment, alongside persistent financial stability concerns related to household debt and real estate project financing, guiding a cautious approach to future interest rate adjustments.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

The Bank of Korea maintained the Policy Rate at 3.5%, consistent with the economic consensus, due to the need to confirm the continuation of slowing inflation trends and concerns over financial stability risks from exchange rate volatility and rising household debt.Global economic conditions, including differentiated monetary policies among major economies, geopolitical risks, and fluctuations in financial markets, will significantly influence future monetary policy decisions.Strong export performance and moderate growth are tempered by an uneven recovery in consumption and investment, alongside persistent financial stability concerns related to household debt and real estate project financing, guiding a cautious approach to future interest rate adjustments.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Korea Policy Rate 3.5% (consensus 3.5%) in Jul-24

<ul><li>Bank Negara Malaysia maintained the OPR at 3.00%, aligning with the economic consensus amid a cautious approach to managing inflation and supporting economic growth.</li><li>Future interest rate policies will be influenced by global economic stability, the strength of the domestic tech upcycle, and the impact of domestic policy measures on subsidies and price controls.</li><li>Inflation is expected to rise moderately in the second half of 2024 due to subsidy rationalization. Still, overall pressures are mitigated by targeted measures to support businesses, with headline and core inflation projected to average between 2.0% - 3.5% and 2.0% - 3.0%, respectively.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

Bank Negara Malaysia maintained the OPR at 3.00%, aligning with the economic consensus amid a cautious approach to managing inflation and supporting economic growth.Future interest rate policies will be influenced by global economic stability, the strength of the domestic tech upcycle, and the impact of domestic policy measures on subsidies and price controls.Inflation is expected to rise moderately in the second half of 2024 due to subsidy rationalization. Still, overall pressures are mitigated by targeted measures to support businesses, with headline and core inflation projected to average between 2.0% - 3.5% and 2.0% - 3.0%, respectively.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Malaysia Policy Rate 3.0% (consensus 3.0%) in Jul-24