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Introduction

Inflation had been on a productive trajectory lower since peaking in the US in mid-2022. However, the inflation fight was harder to win than expected as lingering CPI led the Fed to pause, keeping rates high-for-longer to combat its stickiness. 

This, and the Republican clean sweep in the US election, led to the US dollar outperforming the rest of the G10 currencies in 2024. As Trump takes office and geopolitical uncertainty continues this coming year, policy ramifications and global instability will keep investors vigilant in 2025.