Emerging Markets - Thai baht falls as much 0.5% but Asian stocks, FX advance after benign US inflation eases rate cut worries
Two sources told Reuters that Chinese authorities have agreed to issue 3 trillion yuan worth of special treasury bonds next year, which would be the highest on record. "China faces significant challenges entering 2025. The ongoing real estate crisis has shattered consumer confidence while a potential trade war with the United States could trigger the worst growth slowdown in decades," said Ronald Temple, chief market strategist at Lazard.
Markets are now pricing in just about 35 basis points of easing for 2025, which has in turn sent U.S. Treasury yields surging and the dollar to new highs. Ahead of Trump's return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy.
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