The report highlights key forecasts for FX, rates, and commodities in 2024. The US economy is expected to grow relatively softly, with a US10yr yield of 4.25% and EUR-USD at 1.15. The Fed rate-hiking cycle is expected to be over, with three 25bp rate cuts in 2024 starting in Q2. The G10 FX outlook remains unchanged, with EUR-USD at 1.15 and JPY and AUD unchanged. EM Asia is expected to see modest USD downside, with a USD-CNY forecast of 6.90 in 2Q.