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Global Markets Overview

Global Markets Overview is a monthly update on asset price moves and our market outlook.

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Global Markets Overview is published and updated every month. This includes what has happened in markets, our macroeconomic outlook and price updates on assets such as government bonds, credit and equities.

In this Global Markets Overview

What’s been driving markets in the US?
  • The US FOMC left the Fed Funds rate on hold in its May meeting. At the press conference Chair Powell stated that it is unlikely the next policy move will be a rate hike and reiterated “we do not expect that it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%”.
  • We think the latest US economic statistics mainly point towards a labour market that is gradually rebalancing, which should lead to lower wage growth, lower services inflation, and US core inflation returning towards the Fed target.
  • For example, employment grew by 175,000 in April, the smallest gain in six months and well below market expectations. The unemployment rate increased to 3.9% and average hourly earnings rose by 0.2% on the month and 3.9% over the year–the slowest rate in nearly three years.
  • While this remains our central outlook, US economic data remains mixed and inconclusive–the weaker payroll report contrasted with the strong gains in the employment cost price index released a little earlier. We continue to monitor the risk of US inflation staying higher than we expect.

See below to download the full publication, and previous editions.


Global Head of Asset Research at WTW

David is the Global Head of Asset Research at WTW, responsible for economic and capital market research. He also is a member of the Investment Assumptions Committee, who help guide investment policy globally.

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