28Chief Economists Outlook References Aliaj, O., Wiggins, K., & Sandlund, W. (2024, October 22). HSBC chief Georges Elhedery unveils sweeping overhaul of lender. Financial Times. https://www.ft.com/content/ a15352c6-9ed8-44a5-8c98-b199d461222d. Bain & Company. (2024, November 15). Not-So-Distant Shores. Bain. https://www.bain. com/insights/not-so-distant-shores-snap-chart/. Boeckelman, L., Moder, I., & Spital, T. (2024, November 15). A new index to measure geopolitical fragmentation in global greenfield foreign direct investment. CEPR. https://cepr.org/voxeu/columns/new-index-measure-geopolitical-fragmentation- global-greenfield-foreign-direct. Borrett, A., & Strauss, D. (2024, November 14). Migration to rich countries hits record high in 2023. Financial Times. https://www.ft.com/content/c5f2ff4d-252d-45d6-ab25- 44ee6bfabb96. Burn-Murdoch, J. (2024, November 7). Democrats join 2024’s graveyard of incumbents. Financial Times. https://www.ft.com/content/e8ac09ea-c300-4249-af7d- 109003afb893. Catalan, M., Fendoglu, S., & Tsuruga, T. (2024). A Gravity Model of Geopolitics and Financial Fragmentation. IMF Working Papers, (196), 1.https://doi. org/10.5089/9798400280337.001. Cerdeiro, D., Eugster, J., Mano, R., Muir, D., & Peiris, S. (2023). Sizing up the effects of technological decoupling. In S. Aiyar, A. Presbitero, & M. Ruta (Eds.), Geoeconomic Fragmentation: The Economic Risks from a Fractured World Economy. CEPR Press. https://cepr.org/publications/books-and-reports/geoeconomic-fragmentation- economic-risks-fractured-world-economy. Clarfelt, H., & Smith, C. (2024, December 19). Federal Reserve cuts rates but ‘hawkish’ forecast hits stocks and sends dollar jumping. Financial Times. https://www.ft.com/ content/500f561c-09f1-4e7e-a63c-b2a082ef8b55 Davies, P . J. (2024, October 23). HSBC’s East-West Split Isn’t Just About Cutting Costs. Bloomberg.com. https://www.bloomberg.com/opinion/articles/2024-10-23/hsbc-s- east-west-split-isn-t-just-about-cutting-costs.

Chief Economists Outlook January 2025