The Markets Global income plays
8 snips
Jul 18, 2025 
Gurpreet Garewal, a Macro Strategist at Goldman Sachs Asset Management, dives into the complexities of inflation and tariffs. She examines how rising U.S. tariffs are impacting consumer prices, especially in household goods. Garewal highlights the influence of these tariffs on consumer spending and corporate profits. The discussion also sheds light on emerging market bonds and potential investment opportunities in the global credit market, offering insights into future corporate strategies amidst economic challenges.
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Early Signs of Tariff Impact
- Tariff impacts on consumer prices, especially core goods, are starting to show but remain modest.
- Pass-through effects may be delayed and protracted due to volatile tariffs and inventory front-loading.
Tariffs' Broad Economic Effects
- Tariffs influence key economic factors like consumer spending, investment, corporate earnings, and employment.
- Growth slowdown is expected from tariff-driven price rises and weak investment sentiment.
Fed's Rate Outlook
- The Fed is likely to hold rates in the near term due to current inflation and labor data.
- Possible rate cuts later in the year aim to preempt worsening economic conditions or normalize inflation.