Intesa Sanpaolo : In the United States, the FOMC ended as expected with rates unchanged …
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Weekly Economic Monitor – 9. May 2025
Intesa Sanpaolo – Research Department – Luca Mezzomo Economist – Paolo Mameli Economist – Andrea Volpi Economist Euro Area – Mario Di Marcantonio Economist US
and Powell said in the press conference that the Fed is waiting to assess the evolution of trade policy and its impact on the real economy before acting: this could be consistent with a longer pause on rates than markets are pricing in. Next week’s CPI and PPI data for April may show the first effects of tariffs on prices, which will only become more pronounced in the coming months.
In the euro area, the reacceleration in industrial activity (and GDP) seen in the first part of the year is likely to be short-lived. Surveys suggest that sectors less exposed to international trade, such as services, are also slowing down. Against this backdrop, inflation was unchanged in April, but could moderate more quickly in the coming months. Meanwhile, the new German Government has been very fragile since taking office, signaling risks to the implementation of announced measures to revive growth.
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Source: InvestmentWorld
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