• Worst case scenarios are materialising.
  • Tariffs are triggering a very significant negative shock on economic activity.
  • US policies could bring into question the dollar's status as a reserve currency and safe haven.
  • The precise fallout from tariffs is still uncertain and we are monitoring it closely.
  • The impact on inflation will depend, among other factors, on trade retaliation and possibly on more expansionary fiscal policy.
Source: Forex Live