Is a tariff storm coming? Don't panic, interest rate cuts may arrive early!

Trump-style tariffs have brought short-term inflationary pressure, but it's far less severe than in 2021/22.

Currently, the U.S. economy is slowing down, and employment is cooling, lacking the kind of “money-splashing” stimulus seen during the pandemic.

The real peak of inflation may be reached after the August data, and the likelihood of the Federal Reserve cutting interest rates before the end of the year is rapidly increasing.

Everything is heading towards a “soft landing + easing” scenario. Next, will commodities and risk assets welcome a long-awaited spring breeze?