UBP sees September Fed hold as US inflation cools further
SPY•Markets, yields and UBP's equity view
Markets priced down September hike odds to 27% from 70%; 2-year yields fell to 4.17%, 10-year yields rose to 4.69%.
Global equities gained 0.7% on the week; energy led as Brent rose to USD 88.55, while gold climbed above USD 4,400.
UBP kept a constructive equity view, citing Q2 EPS growth of 32% for the S&P 500, while urging diversification amid geopolitical risks.
UBP sees September Fed hold as base case
Union Bancaire Privee flagged softer July US inflation as reinforcing a September Fed hold as the base case.
Headline CPI slowed to 3.4% from 3.5%; core CPI eased to 2.5% from 2.6%, while core services re-accelerated.
