Fitch raises global GDP growth expectations but expects U.S. economy to slow down

According to Jinshi data, Fitch raised its global GDP growth forecast, but expects global economic growth to drop to 2.4% this year from 2.9% last year. It is expected to slow further to 2.3% next year and will grow by 2.6% by 2027. Fitch pointed out that uncertainty in U.S. tariff policy has declined, but tariffs remain huge, weakening global growth. Signs of slowing in the U.S. economy are already showing up in hard data. The rise in inflation caused by higher tariffs is expected to accelerate later this year, curbing real wage growth and putting pressure on U.S. consumer spending. U.S. employment growth has slowed significantly, and the Federal Reserve is expected to cut interest rates by 25 basis points in September and December, and will cut interest rates three more next year.