Global Macro Research

The Monthly Macro Outlook Video - November 2024

In our Monthly Macro video for November, Lizzy Galbraith, Political Economist, discusses what Trump’s leadership may mean for taxes, the deficit, immigration, trade, growth and inflation.

Author

Lizzy Galbraith

Senior Political Economist

Duration: 4 mins

Date: 20 Nov 2024

Key highlights

Trump wins US presidential election, Republicans control Congress.
Congress to focus on extending Tax Cuts and Jobs Act, deliver new tax cuts.
Proposed tax cuts could cost some US$10 trillion. Ambition to be constrained by deficit.
Trump administration to prioritise restrictions on immigration, trade.
Expect higher nominal GDP growth, inflation.
Fed may cut rates more slowly.

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