Bank of New York Mellon: The urgency of Federal Reserve tightening has decreased, and the global narrative has become inconsistent

According to Jinshi, Jeff, a senior macro strategist at BNY Mellon, pointed out that the softening of U.S. labor data and the improvement in inflation data have reduced the urgency for the Federal Reserve to tighten further. However, he emphasized that this does not address the question of whether the slowdown in growth is within a controllable range or whether policy expectations have been overly adjusted.

He stated that the global narrative is becoming less unified, especially in the economic discussions between the U.S. and Europe.