Markets have been in a period of relative calm since the significant moves that followed ‘Liberation Day’, but "I'd be a brave man to predict no volatility", says Markus Müller, the Private Bank's CIO for sustainability. "I do hope the worst is over for now, at least until we approach the end of the 90-day pause at the end of July", Markus says, noting that markets will be looking for progress on trade deals in the meantime.
In the week ahead, Markus says a rate cut is unlikely from the Federal Reserve, though a cut may come from the Bank of England. He also notes that Chinese economic figures could be an important sign of the impact of the tariff debate. "Keep an eye on the Chinese data. And don't forget earnings season is still going on", Markus says.
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