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An overview of 4Q 2025
Global Macro
The Fed’s rate cutting path was already uncertain heading into this latest US government shutdown. Compounding the increasing weakness in the US job market, this shutdown may have a more severe impact on the US job market. On balance, we believe that should this shutdown drag on and federal workers are indeed laid off, the Fed may well err on the side of caution and deliver another 25-bps rate cut.
Past reports
Further reading
Quarterly Global Outlook 4Q 2025
On a slower, uncertain tide
ASEAN Connect
Learn and capitalize on the megatrend of ASEAN's growth story with our insights and analysis.
Infographics
Turning complex economic developments and data into content that is visually engaging and simple to understand.
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