Some investors have pointed out to us that, with our no landing scenario, monetary easing was unlikely to be implemented in 2024. Based on our GDP growth expectations for 2004 (2.4% above consensus for just over a month) and inflation forecasts(headline CPI at 2.9% in Q2 down to 2.6% in Q4), we can legitimately wonder whether the Fed really will lower its interest rates in 2024...