Pantheon Publications
Below is a list of our Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
Please use the filters on the right to search for a specific date or topic.
In one line: Decent, but where is the spending growth?
Claus Vistesen (Chief Eurozone Economist)Eurozone
Suspiciously strong and likely to drop back from here.
Oliver Allen (Senior US Economist)US
- In one line: Resuming the downtrend, despite significant threats.
Andrés Abadía (Chief LatAm Economist)Latin America
- The estimated increase in real GDP since Q4 2019 has been revised up to 10.7%, from 9.4%.
- August PCE data will point to continued strength in consumers’ spending, but slower growth likely looms.
- We look for a 0.14% August core PCE print, slightly below the consensus.
Samuel TombsUS
- Inflation has been slowing rapidly in September, reinforcing our expectations for a stable Selic rate.
- Underlying pressures are still under control, and we expect the picture to remain benign in Q4.
- The current account deficit is widening amid falling exports, resilient imports and fiscal concerns.
Andrés Abadía (Chief LatAm Economist)Latin America
- The SNB has lowered its inflation forecasts towards our estimates, blaming a stronger CHF.
- It is unhappy with EURCHF and uncomfortable with its new end-of-horizon inflation call.
- We thought another cut would come in December, and we now also think it will trim rates in March.
Melanie Debono (Senior Eurozone Economist)Eurozone
- A suite of Taylor rules forecasts Bank Rate between 3.4% and 4.3% at the end of 2025.
- These forecasts are based on MPC inflation and growth projections, which we think are too low.
- Policy rules that are more robust to uncertainty about the neutral rate suggest more gradual cuts.
Rob Wood (Chief UK Economist)UK
- In one line: DM demand is helping to stabilise the ship.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
In one line: Likely boosted by rapidly falling inflation.
Claus Vistesen (Chief Eurozone Economist)Eurozone
MLF rate cut in line with expectations after the PBoC's monetary easing plan yesterday
Duncan WrigleyChina+
MLF rate cut in line with expectations after the PBoC's monetary easing plan yesterday
Duncan WrigleyChina+
BI SPRINGS A SEP. SURPRISE; 50BP MORE CUTS IN Q4
- …INDIA’S GDP GROWTH SLOWDOWN IS FAR FROM OVER
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
HOUSE-PRICE RECOVERY FALTERS IN JULY, BUT IT’S A BLIP...
- ...PRICE INFLATION WILL ACCELERATE TO 4.5% IN DECEMBER
Rob Wood (Chief UK Economist)UK
- Survey measures of investment intentions point to a weak August durable goods report...
- ...But for now, solid investment in computers and transportation is offsetting broader weakness.
- Seasonally adjustment issues point to another low initial claims print; the labor market is still worsening.
Samuel TombsUS
- Taiwanese consumer demand remains fragile, but the weak August sales print is not representative...
- …As volatile vehicle sales growth depressed the headline; this is likely to rebound in September.
- Thai exports stayed robust in August, but leading indicators are grim and THB strength is a threat.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Japan’s sluggish September flash manufacturing PMI remained below 50 for a third straight month.
- The September flash services activity index, by contrast, remains strong.
- The rise in the services output price index suggests continued services inflation.
Duncan WrigleyChina+
- French households celebrate falling inflation, but confidence-sapping tax hikes loom on the horizon.
- France’s deficit will hit 6% of GDP soon without corrective action; markets won’t let that slide.
- Spending cuts alone won’t reduce the deficit in France, tax hikes will be needed too.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- A Chancellor scrabbling for tax revenue will likely turn to alcohol and tobacco duty hikes.
- We expect Ms. Reeves to raise tobacco duty—by 4% above RPI inflation—and alcohol duty in December.
- Our forecasts include a 10% private-school fee hike, split September 2024, January and September 2025.
Rob Wood (Chief UK Economist)UK
- In one line: The downtrend continues as non-core pressures ease.
Andrés Abadía (Chief LatAm Economist)Latin America
