After the long-awaited start to the Federal Reserve’s easing cycle, Group Chief Economist Neil Shearing discusses next steps. He answers client questions about the risks of inflation bouncing back and explains why we expect rates to settle at levels much higher than before the pandemic.Also, on the show, Lily Millard and Shilan Shah from our emerging markets team discuss how EM central banks are likely to respond as US rates start falling.Analysis and events referenced in this episode:Report: Global imbalances will continue to fuel fracturingKey Issue: R* and the end of the ultra-low rates eraReport: China's slowdown still has a lot further to runDrop-In: Europe Economic Outlook – Germany’s return to stagnationProperty Drop-In: The size and shape of Europe’s commercial real estate recoveryData: EM Financial Risk IndicatorsReport: What the Fed’s easing cycle means for EMs

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