Standard Chartered expects no rate cuts in the US in 2026: a major divergence from market consensus

The market is pricing in two rate cuts by year-end, but Standard Chartered says: not a single one.

Logic: Unemployment rate gradually declining throughout the year, with inflation stickiness exceeding expectations.

If Standard Chartered is correct, the US dollar will remain strong, putting pressure on emerging markets.

Friday's non-farm employment data is the verification window.