8 October 2025
The US economy has slowed, and tariff-driven inflation is set to rise further, but policy rates will resume their move lower. However, with the Fed under significant political pressure, there is a risk of a slide into fiscal dominance. Medium-term European prospects are supported by coming fiscal expansion.
 
 
The global financial market is volatile, with geopolitical instability in Russia-Ukraine and the Middle East, as well as U.S. tariff negotiations, trade policy adjustments, and the reshaping of global supply chains, posing many uncertainties to the investment market.
 
 

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