UBS On-Air: Market Moves UBS On-Air: Paul Donovan Daily Audio 'Quite like old times'
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Sep 23, 2025 Federal Reserve Chair Powell is set to discuss economic outlook, likely echoing previous policy stances. Fed Governor Miran's call for lower interest rates raises eyebrows given rising inflation. Argentina is seeking U.S. financial support amid political challenges. The podcast also tackles the gap between consumer sentiment and reality in Europe and the U.S. Lastly, central banks are urged to enhance data quality as they navigate complex economic landscapes.
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Powell Likely To Repeat FOMC Tone
- Jerome Powell is unlikely to stray from the tone of the last FOMC decision when speaking on the economic outlook.
- The nuance about where rates will end up remains the key market interest.
Fed Views Diverge On Rate Cuts
- Fed members differ on the path of rate cuts, with some seeing fewer cuts this year.
- Governor Michelle Bowman Mirren suggested rates need to be two percentage points lower, creating tension with other Fed views.
Mirren's View Challenges Inflation Logic
- Mirren's claim that tariffs don't cause inflation and policy is very restrictive clashes with rising core and durable goods inflation.
- That inconsistency would prompt economists to question the logic behind Mirren's position.