Extra from Musalem: I anticipate development this yr to be decrease than development

• Tariffs if applied pose upside dangers to inflation however does not know if that is months, quarters or years
• Increased inflation and a softer labor market is nearer to the baseline state of affairs now
• If inflation expectations turn out to be unanchored, need to prioritize combating inflation
• Uncertainty on tariff bulletins additionally a headwind

The Fed funds market is 93% priced for a June reduce and 92 bps are priced in for the yr forward.

This text was written by Adam Button at www.ubaidahsan.com.



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