March 4, 2025
United States:
Traders See Three Fed Cuts in 2025 as Tariffs Add to Growth Risk
Traders added to bets on interest-rate cuts from the Federal Reserve amid concern about the impact of US trade tariffs on global economic growth.
Money markets moved to fully price three quarter-point reductions this year for the first time since the middle of December, following the imposition of US levies on Canada, Mexico and China.
Europe:
Global Manufacturing Expands for Second Month, Input Costs Rise
Global factory activity expanded in February by the most in eight months, fueled by the strongest growth in new orders since 2022 and indicating manufacturing is stabilizing.
The manufacturing index, produced by JPMorgan Chase & Co. and S&P Global, edged up to 50.6 last month from 50.1 in January, the group reported Monday. Figures above 50 indicate expansion.
Asia:
Japan’s Lower House Passes Budget, Providing Relief for Ishiba
Japan’s lower house passed the budget for the year starting in April, checking off a key item on Prime Minister Shigeru Ishiba’s to-do-list for shoring up his leadership ahead of a national election in the summer.
The lower chamber of parliament approved the ¥115.2 trillion ($771 billion) budget in a plenary session Tuesday, clearing the way for its likely enactment before the new fiscal year begins.
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