Morgan Stanley: The Federal Reserve is expected to cut interest rates sharply, and the dollar may weaken in the coming year
2025-10-27 15:06:02
With the Federal Reserve looking set to cut interest rates more than the European Central Bank, the dollar is likely to weaken in the coming year, according to strategists at Morgan Stanley. They point to the potential erosion of the US growth advantage as another factor weighing on the dollar. "The slowdown in US growth we expect reflects the lagged impact of tightening, lower net immigration inflows, relatively modest fiscal support and the short-term drag of tariff policy." Moreover, continued US policy uncertainty over trade and Fed independence also points to a weaker dollar. At the same time, concerns about fiscal sustainability outside the US are expected to ease.
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