<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-820x462.webp" alt="" class="wp-image-527832" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Combination showing Elon Musk (L), Gautam Adani (C), and Jensen Huang (R) | Reuters
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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.&nbsp;<a href="https://www.cnbc.com/inside-wealth-newsletter/">Sign up</a>&nbsp;to receive future editions, straight to your inbox.



On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world’s first billionaire.



“Standard (Oil) at $2,014 makes its head a billionaire,” blared The New York Times headline, adding that Standard Oil’s soaring share price “makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.”



More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate. At least a half-dozen companies have done it, most recently&nbsp;<a href="https://www.cnbc.com/quotes/BRK.B/">Berkshire Hathaway</a>, which&nbsp;<a href="https://link.cnbc.com/click/36628680.16541/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wOC8yOC9idWZmZXR0cy1iZXJrc2hpcmUtaGF0aGF3YXktaGl0cy0xLXRyaWxsaW9uLW1hcmtldC12YWx1ZS1maXJzdC11cy1jb21wYW55LW91dHNpZGUtb2YtdGVjaC10by1kby1zby5odG1sP19fc291cmNlPW5ld3NsZXR0ZXIlN0NpbnNpZGV3ZWFsdGglN0MyMDI0MDkwNQ/5b69019824c17c709e62ad3cBf363f153" target="_blank" rel="noreferrer noopener">topped $1 trillion</a>&nbsp;just before&nbsp;<a href="https://www.cnbc.com/warren-buffett/">Warren Buffett</a>’s&nbsp;<a href="https://link.cnbc.com/click/36628680.16541/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wOC8zMC93YXJyZW4tYnVmZmV0dC1sZWFkcy1iZXJrc2hpcmUtaGF0aGF3YXktdG8tbmV3LWhlaWdodHMtYXQtYWdlLTk0Lmh0bWw_X19zb3VyY2U9bmV3c2xldHRlciU3Q2luc2lkZXdlYWx0aCU3QzIwMjQwOTA1/5b69019824c17c709e62ad3cB7aa032b6" target="_blank" rel="noreferrer noopener">94th birthday</a>.&nbsp;<a href="https://www.cnbc.com/quotes/NVDA/">Nvidia</a>&nbsp;is now at $2.6 trillion, having hit the 13-figure club last year.



And what about individuals? According to a new report from&nbsp;<a href="https://informaconnect.com/academy/companies-entering-trillion-dollar-club-in-2024/" target="_blank" rel="noreferrer noopener">Informa Connect Academy</a>, which predicts trillionaire status based on average annual growth rate in wealth,&nbsp;<a href="https://www.cnbc.com/quotes/TSLA/">Tesla</a>&nbsp;CEO&nbsp;<a href="https://www.cnbc.com/elon-musk/">Elon Musk</a>&nbsp;will likely be the first trillionaire.



Musk is currently the world’s richest person, with $251 billion, according to the&nbsp;<a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noreferrer noopener">Bloomberg Billionaires Index</a>. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.



The second to reach trillionaire status, according to the report, will be India’s Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.



Jensen Huang, CEO of Nvidia, who has seen his&nbsp;<a href="https://www.cnbc.com/2024/05/24/nvidia-ceo-jensen-huangs-net-worth-swells-by-87-billion-in-5-years.html">wealth skyrocket</a>&nbsp;from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report. His wealth would have to continue growing at an average annual rate of 112%. Nvidia’s stock is already up about 115% this year, after more than tripling last year.



Fourth on the list is Indonesia’s Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific. The report predicts Pangestu could reach trillionaire status by 2028.



Rounding out the top five would be&nbsp;<a href="https://www.cnbc.com/quotes/MC-FR/">LVMH</a>&nbsp;CEO Bernard Arnault, who is currently the world’s third-richest person, with just under $200 billion. The report has the luxury king becoming a trillionaire sometime in 2030, along with&nbsp;<a href="https://www.cnbc.com/quotes/META/">Meta</a>&nbsp;CEO&nbsp;<a href="https://www.cnbc.com/mark-zuckerberg/">Mark Zuckerberg</a>.



Some top billionaires who seem like strong candidates to quickly reach the four-comma club don’t make the top 10. Jeff Bezos, currently the world’s second-richest person, with $200 billion, according to Bloomberg, is listed at No. 12, and wouldn’t become a trillionaire until 2036. Larry Page and Sergey Brin, the&nbsp;<a href="https://www.cnbc.com/quotes/GOOG/">Google</a>&nbsp;founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.



Granted, wealth-watchers have been predicting the first trillionaire for years. And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.



Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="687" height="497" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image.png" alt="" class="wp-image-527834" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image.png 687w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image-300x217.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image-124x90.png 124w" sizes="auto, (max-width: 687px) 100vw, 687px" /></figure>



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Combination showing Elon Musk (L), Gautam Adani (C), and Jensen Huang (R)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-820x461.jpeg" alt="" class="wp-image-527510" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Lion King directors Roger Allers (L) and Rob Minkoff. Kevin Winter | Getty Images</figcaption></figure>



Artificial intelligence is a “Wild West” with “very few rules” — but it has the potential to democratize the film industry in the long term, according to the director of “The Lion King.”



Rob Minkoff, who co-directed the classic 1994 animated Disney film with Roger Allers, told CNBC in an interview that AI has the potential to “democratize” filmmaking in such a way that it’ll become less costly to produce and direct motion pictures by slashing the amount of expensive equipment involved. 



“I think what AI will do is potentially democratize the process of making content, because if literally anyone is given these incredibly powerful tools, then what we should see is truly an explosion of content, an explosion of new voices,” Minkoff, 62, told CNBC.&nbsp;



Minkoff was speaking with CNBC ahead of the Reply AI Film Festival. The event, held by Italian tech firm Reply during the Venice International Film Festival, is a competition that awards filmmakers using AI to develop short films. Minkoff is a judge on the panel that decides the winners.&nbsp;



<h2 class="wp-block-heading" id="h-hyperbole-versus-legitimate-concerns"><a></a>‘Hyperbole’ versus ‘legitimate concerns’</h2>



The arrival of new technology has for decades been a fear among people working in the film industry, Minkoff noted. For example, when computer animation arrived in the 1990s, there were similar fears about the impact it would have on jobs.



“When computer animation came along, there were a lot of people that were very afraid about it — what it would mean, how it would impact people’s jobs,” Minkoff, who also directed 1999′s “Stuart Little” and 2003′s “The Haunted Mansion,” told CNBC.&nbsp;



“What became very apparent early on was that, if people wanted to maintain their own personal relevancy in the industry, it became very important for them to really learn and adapt to changes in technology,” he added. “We’re experiencing something quite similar now with AI.”&nbsp;



Minkoff recalls the use of computers to create the famous stampede scene in “The Lion King.” In the scene, dozens of wildebeests are seen rushing after Simba, the movie’s protagonist.&nbsp;



In that scene, Minkoff recalls, “we could have 1000s of wildebeests rendered, but the technique that we used made it look very seamless with the rest of the drawn animation.”&nbsp;



“People are naturally and understandably worried when they look at what AI can do,” Minkoff said. However, he added, he doesn’t think the technology can replace all filmmakers, and that there’s a lot of “hyperbole” at the moment surrounding AI’s capabilities.



Still, Minkoff said, there are concerns about the application of AI in film that are warranted, such as those relating to copyright and the use of intellectual property in entertainment for training AI models.



“I hope that technology ultimately&nbsp;will save us, in some regards, or make life better, easier or more more prosperous,” Minkoff told CNBC. “But it’s the Wild West, where it seems like anything is possible and anything can be done.”&nbsp;



&nbsp;Minkoff added that there are “legitimate concerns” with AI when it comes to issues like the protection of media IP and tackling copyright theft. “I understand why people might want to slow it down or put guardrails on it to be careful, to be safe,” he said.&nbsp;



But ultimately, he doesn’t think the AI positive momentum will slow. “My impression is that it probably&nbsp;won’t be slowed down, because these decisions are left to judges and courtrooms to decide what’s right and wrong,” Minkoff said.



On the copyright question, he suggested the creation of a dedicated body designed to protect filmmakers’ intellectual property and remunerate them, like what the American Society for Composers, Authors and Publishers and Broadcast Music, Inc. do for the music industry.&nbsp;



<h2 class="wp-block-heading"><a></a>‘Always the human behind the technology’</h2>



The Reply AI Film Festival, which awarded three winners this week, started out as an internal competition among employees, with staff using AI tools to produce movie-quality videos, Filippo Rizzante, chief technology officer of Reply, told CNBC.



“There has been a lot of progress with technology for producing creative work,” Rizzante said in an interview last week. “This is impacting a lot the quantity and quality of what we are producing as humanity.”&nbsp;



Rizzante pushed back on fears that AI will displace people working in entertainment. The technology, he said, “will completely change how the industry is delivering content today, but not necessarily change the number of people employed in the movie industry.”&nbsp;



In this year’s edition of the festival, one of the runners-up, “Gia Pham,” depicts a woman looking at a takeout menu before being transported to a colorful picturesque 2D world. The narrator of the video, who begins by speaking in English, starts talking in Japanese after the shift from 3D to 2D.&nbsp;



Alexander de Lukowicz, co-director of “Gia Pham,” told CNBC that humans are essential to how he and his team work to generate short films. AI tools such as DALL-E and Midjourney, he said, helped the directors of his short film “enhance worlds we weren’t able to generate before.”&nbsp;



“It’s always the human behind the technology that has to guide the technology to gain the proper result out of it. We wanted to produce something like a film to really check the boundaries of what’s possible,” de Lukowicz told CNBC.&nbsp;

108029570-1725536037667-gettyimages-122313864-66061432

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-820x461.jpeg" alt="" class="wp-image-527463" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030079-1725572625010-gettyimages-2165961347-US_JOBS.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Wall Street is gearing up for one of the most important economic releases of the year Friday, when the Labor Department puts out a jobs report expected to go a long way in determining the future of Federal Reserve policy.



The Wall Street consensus is for nonfarm payrolls growth of 161,000 for August and a slight decline in the unemployment rate to 4.2%, according to Dow Jones.



However, recent data, including a massive downward revision to previous counts, has pointed to a sharp slowdown in hiring and has put some downside risk to that forecast.



In turn, markets are certain the Fed will start lowering interest rates in a couple weeks, with the possibility of a jumbo cut depending on what Friday’s report shows.



“The labor market has cooled faster than we originally had been told, so that’s what’s calling [Friday’s report] into question,” said Giacomo Santangelo, economist at job search site Monster. “What the Fed is going to do in response, how are they going to adjust rates, that’s why we are having this conversation.”



While job growth has been tailing off through much of 2024, the deceleration hit home for the market with a July report that showed payroll growth of just 114,000. That wasn’t even the lowest number of the year, but it followed a Fed meeting that stirred up sentiment the central bank was being too complacent about a weakening economy and might hold interest rates high for too long.



What has followed has been a series of reports indicating that while the economy is still on its feet, hiring is decelerating, the manufacturing sector is fading further into contraction, and it’s time for the Fed to start cutting before it risks overdoing its inflation fight and dragging the economy into recession.



The latest bad news came Thursday when payrolls processing firm ADP put August private job growth at just 99,000, the smallest gain since January 2021.



<h2 class="wp-block-heading" id="h-contemplating-the-fed-s-next-move"><a></a>Contemplating the Fed’s next move</h2>



“If they’re too aggressive for too long a period of time, without easing on monetary policy, this could lead to the giant ‘R’ and we don’t even want to say the word,” Santangelo said, referring to “recession.” “If God forbid this does lead to an economic downturn, all fingers are going to point toward the Fed.”



Markets consequently are expecting the Fed to lower benchmark rates by at least a quarter percentage point when its next meeting concludes Sept. 18, with the possibility rising of a half-point reduction. The Fed hasn’t reduced its benchmark rate by half a point since the emergency cuts during the early Covid days.



Traders are pricing in a succession of cuts that would shave about 2.25 percentage points off the fed funds rate through 2025, futures contracts show. The benchmark overnight borrowing rate is currently targeted in a range between 5.25%-5.5%.



Such an aggressive easing posture would indicate not merely an effort to normalize rates from their 23-year high but also reflect a deeper economic pullback. In the more immediate term, though, the move lower would be targeted more at a labor market still feeling aftershocks from the Covid pandemic.



Monster job search data is still heavily tilted toward health care-related positions, which have flourished in the current era, while the most common search terms are “work from home,” “part time” and “remote,” reflecting the move to a hybrid environment.



Santangelo said there also is still a substantial skills gap in the labor market, despite a sharp narrowing in the gulf between open jobs and available workers, which has contracted to about 1.1 to 1 from 2 to 1 a couple years ago.



“The jobs that are being created are not necessarily suited for the people who are getting laid off. We still have a huge skills gap. The easiest place to see that is health care,” he said. “The No.1 thing that job seekers are looking for is more flexibility. There’s that kind of gap between employers and job seekers also.”



<h2 class="wp-block-heading"><a></a>Worries from job seekers</h2>



Workers in turn are getting more pessimistic about the state of play in the labor market.



The Zeta Economic Index, which uses artificial intelligence to track various economic metrics, is showing that concerns about jobs are accelerating — even though the broader economy is still performing well.



A measure of job market sentiment fell 1% in August and is down 4.6% from a year ago, Zeta figures show. The gauge’s “new mover index” dropped 9.9% on the month, reflecting worries over job stability.



“Despite a resilient economy &#8230; job market concerns persist. The job sentiment dip, paired with the mixed bag of consumer behavior, signals an ongoing caution in the workforce,” said David Steinberg, co-founder and chairman of Zeta Global, which compiles the index. “As the economy shows signs of a ‘soft landing,’ the persistent caution regarding job stability continues to temper broader economic optimism.”



The Zeta data mirrors a recent Conference Board survey, which reflected a sharp narrowing of the gap between respondents saying jobs were easy to find as opposed to hard to get.



Markets also will be watching the wage component of Friday’s report, though that has become less of an issue lately as inflation has moderated.



The consensus is for average hourly earnings to post a 0.3% increase on the month and a 3.7% year-over-year move, both 0.1 percentage point higher than July.

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1858" height="1045" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL.jpeg" alt="" class="wp-image-526016" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL.jpeg 1858w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-1536x864.jpeg 1536w" sizes="auto, (max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption">A trader works on the floor of the New York Stock Exchange on Aug. 23, 2024. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Central banks around the world are set to kick off or continue interest rate cuts this fall, bringing an end to an era of historically high borrowing costs.



In September, the U.S. Federal Reserve is all but guaranteed to join the European Central Bank, the Bank of England, the People’s Bank of China, the Swiss National Bank, Sweden’s Riksbank, the Bank of Canada, the Bank of Mexico and others in cutting key rates, which have been held at levels not seen since before the Financial Crisis of 2007-2008.



Money markets had already fully priced in a rate cut from the Fed, but last week investors gained even more confidence in the path of easing ahead.



At the annual Jackson Hole symposium, Fed Chair Jerome Powell not only said the “time has come for policy to adjust,” but that the central bank could now equally focus on doing “everything” it can to keep the labor market strong and continue progress on inflation.



Current pricing suggests high expectations for three 25 basis point cuts by the Fed before the end of the year, according to CME’s FedWatch tool. That will keep the Fed roughly in-line with its peers, despite it moving later.



The European Central Bank is seen cutting rates by 25 basis points at least three times in total this year; and the Bank of England by the same increment a total of three times, according to LSEG data. All three central banks are seen further continuing monetary easing at least in early 2025, even as stickiness in services inflation continues to trouble policymakers.



For the global economy, that means a broadly lower-rate environment next year, along with significantly reduced pressures from inflation. In the U.S., a recent spike in recession fear has largely abated, and despite where there is weakness in big manufacturing-oriented economies such as Germany, the likes of the more services-focused U.K. are recording solid growth.



What all that means for markets is less clear. European stocks, as measured on the regional Stoxx 600 index, rebounded in 2023 from a downturn in 2022 and gained nearly 10% in the year-to-date to reach an intraday record high on Friday. On Wall Street, the S&amp;P 500 index is 17% higher so far in 2024.



The VIX volatility index — which spiked amid the global equities downturn at the start of August — is back below average, Beat Wittmann, chairman and partner at Porta Advisors, told CNBC’s “Squawk Box Europe” on Thursday.



“The market, in terms of price momentum, in terms of valuations, of sentiment, has pretty much recovered, and we are going into the seasonally weak September, October period here. So I would expect choppy markets driven by various factors, geopolitics, corporate earnings, bellwethers like from the AI sector,” Wittmann said.



Choppiness will also be due to an “overdue consolidation correction” and some sector rotation occuring; but “the asset class of choice here very clearly for the rest of this year, and then especially for ’25 and beyond, is equities,” Wittmann added.



Even if recent Fed commentary appears supportive for stocks, data from the U.S. jobs market — with the next key report due Sept. 6 — remains important to watch, Manpreet Gill, chief investment officer for Africa, Middle East and Europe at Standard Chartered, told CNBC’s “Capital Connection” on Monday.



“Our baseline is still very much that a [U.S.] soft landing is achievable&#8230; It almost becomes a little bit more binary, because as long as we avoid that downside risk, equity earnings growth is still very supportive, and we’ve had sort of the positioning clean out in the recent pullback,” Gill said.



“And I think rate cuts, or at least expectation of those, really was the last piece markets were looking for. So on balance, we think it’s a positive outcome,” Gill said, referring to the risk of U.S. economic data causing volatility in the coming months.



Arnaud Girod, head of economics and cross asset strategy at Kepler Cheuvreux, told CNBC Tuesday that bonds have had a strong summer and equities have recovered; but that investors must now take a “leap of faith” on where the U.S. economy is heading and the pace of rate cuts.



“I truly think that the more rate cuts you get, the likelihood that [these cuts are] coming with negative data and hence weakening earnings momentum is very high. So it’s difficult, I think, to be too optimistic,” he said.



The stock market has meanwhile shown that there is an element to which it “couldn’t care less about interest rates,” Girod added, since Big Tech has rallied across the peak rate months — which conventional wisdom states should harm growth and technology stocks. That will keep events such as Nvidia earnings as the key ones to watch, according to Girod.



<h2 class="wp-block-heading" id="h-fx-focus-on-rates"><a></a>FX focus on rates</h2>



In currency markets, attention will remain on the interplay between inflation, rate expectations and economic growth, Jane Foley, head of foreign exchange strategy at Rabobank, told CNBC by email.



If the euro rises significantly against the dollar, “the disinflationary implication may have some impact on market expectations regarding the timing of the ECB rate cuts,” she said.



Stateside, Foley continued, “the result of the U.S. election will have implications for the Fed. If Trump wins, he could use an executive order to increase tariffs fairly quickly which would spur inflation risk and could cut the Fed’s easing cycle short.”



Rabobank currently sees four Fed rate cuts between September and January and then a hold for the rest of 2025, providing the U.S. dollar with the potential to strengthen into the spring.



&nbsp;“The BOE’s hand will likely remain constrained by services sector inflation, which is a function of wage inflation.&nbsp;This could limit the pace of BOE rate cuts to once a quarter,” Foley added.

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How Disney Vacations Became Too Expensive For Many Americans

A tale of two travel recoveries: Japan soars, while China struggles to lure travelers back

Director of Disney’s Lion King says AI is a ‘West West,’ echoes how animation changed film

Friday’s jobs report for August is going to be huge. Here’s what to expect

How Gen Z Is Buying Homes Younger Than Millennials And Boomers Did

India and Singapore agree to cooperate during Modi visit

How The U.S. Is Pumping More Oil Than Any Country In History

Lebanon’s former Central Bank Governor Riad Salameh arrested over alleged financial crimes

Why It’s So Hard To Build Nuclear Power Plants In The U.S.

Why Serbia’s White Gold is so controversial

I just wrapped a national comedy tour – these are the first places I visit when I get home to London

The peak interest rate era is over. Here’s what investors are watching

Why injuries can end Olympic careers

How Data Centers Became Hot Real Estate Investments

How Google, Microsoft And Amazon Are Raiding AI Startups For Talent

Xpeng releases mass-market EV with basic driver-assist for less than $20,000

News Tips

Advertise With Us

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