全球数据观察-Global Data Watch

J P M O R G A N Global Economic Research 18 July 2025 Global Data Watch The rising cost of renovations Along with looming tariff deadlines, the ECB and FOMC meetings will be a focus for the coming two weeks. No policy action is expected at these meetings, and we do not anticipate strong guidance from either central bank. Growth and inflation dynamics, however, are expected to prompt additional easing that lowers global policy rates by roughly 40bp by year end. The easing cycle is already underway in EM and ...