Analysts at Deutsche Bank don’t see the Federal Reserve cutting rates until June 2024 but they see swift easing in the final five meetings of the year, with rates falling by a cumulative 175 basis points next year. That’s a highlight of “The House View” report released today. The key themes related to foreign exchange are: Overall, the report is cautious on 2024 with no major economy growing more than 0.8% and Canada leading the way. They expect a mild US recession and a risk of higher inflation. They warn that political risks are high with votes in the US, India, Taiwan and European parliament.