What is S&P Global Ratings' outlook on the global economy, particularly the United States?

S&P Global Ratings anticipates a gradual decline in inflation toward the US Federal Reserve's target of 2%. Despite this, the agency predicts another rate hike in the December meeting, with the first rate cut expected only in mid-2024. The note highlights the likely persisting impact of higher US interest rates on Asia-Pacific markets and currencies into 2024.