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UBS On-Air: Market Moves

UBS On-Air: Paul Donovan Daily Audio 'Masterful inactivity'

10 Jul 2025

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The Federal Reserve meeting minutes were a masterclass in the art of sitting on a fence. US President Trump’s trade tax inflation might be a one-off, or it might persist. The labor market may be weak enough to justify rate cuts, or not. Uncertainty over trade tax levels is a problem, but the real issue is the lack of clarity about the severity of second-round effects (e.g. profit-led inflation). Masterful inactivity seems the default policy option.

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