13/09/2024 Business Opportunities, Franchise
The CEO of Swiss banking giant UBS stated on Thursday that the battle against inflation is not yet over and warned that some investors may be prematurely anticipating an aggressive rate cut from the U.S. Federal Reserve this month.
“I believe the market is getting a bit ahead of itself in expecting the Fed to act so aggressively,” Sergio Ermotti, Group CEO of UBS Group AG, told CNBC’s “Squawk Box Asia.”
The question of whether the Fed will reduce rates at its upcoming policy meeting on September 18 has largely been settled, with the remaining uncertainty being the extent of the cut. Ermotti emphasized that the primary concern for the Fed remains inflation, which continues to be persistent and not yet fully under control.
Recent data showed that the core U.S. Consumer Price Index (CPI), which excludes the often volatile food and energy prices, increased by 0.3% in August, surpassing the anticipated 0.2% rise. While the broader CPI, which tracks overall costs for goods and services across the U.S. economy, also rose by 0.2% in August, the higher-than-expected core CPI could diminish the chances of a substantial interest rate cut by the Fed at its upcoming meeting. Read More -- https://voiceofentrepreneur.life/
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