The US economy continues to be robust but faces persistent inflation, prompting a rise in the 10-year US Treasury yield. The battle against inflation might prove tougher than anticipated: the Federal Reserve expects around three rate cuts for 2024. Geopolitical tensions persist in the Middle East. In Indonesia, general elections are in focus with a likely victory for the Prabowo-Gibran ticket. Emerging markets witness yield spread tightening, notably in riskier segments.