Are tariff impacts beginning to show?

Wednesday 16th July 2025

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President Trump suggested that the latest US inflation numbers are weak and that the Fed should cut by3 points - presumably 300bp. But, as NAB’s ken Crompton outlines, the data is more likely to delay the Fed. Why? Because markets responded positively to the data initially, on further examination it’s clear that inflation is picking up in areas most impacted by tariffs. A cut at the end of the month from the Fed now looks less likely. Ken also talks to Phil about China’s mixed activity data, the optimism of analysts in Europe’s ZEW survey, yesterday’s Aussie consumer confidence number and what we can glean from US corporate earnings.

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