EFTA Document EFTA01458589

Macro outlook A glance at the bond markets The remninbi devaluation, worsening economic dynamics in the emerging markets, falling commodity prices and stock-market volatility were factors leading the Fed to postpone its first rate hike. Moreover, U.S. exports have been hurt by the stronger U.S. dollar. Since current economic growth rates are moderate and the economic recovery may not yet be as well-embedded as desired. the Fed is likely to opt for gentle upward moves in interest rates. Be