Mercer美世咨询：2025年经济与市场展望报告：利率登高必回落（英文版）

By Rupert Watson, Global Head of Economics and Dynamic Asset Allocation, Mercer France’s Alpe d’Huez is renowned as one of the most challenging climbs in cycling. But reaching the peak is only half the battle as the descent awaiting cyclists presents a winding and technically challenging route down the mountain. Similarly, after a period of aggressive interest rate hikes in 2022 and 2023, central banks face a difficult challenge in the descent from peak rates. With the risks between growth an