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The Federal Reserve's immunity is eroding. What initially began with social media commentary and personnel disputes is now developing into the most profound intervention in American monetary policy in decades. What degree of autonomy can be maintained when the market itself becomes a complicit actor?

Despite stagnating growth and persistent core inflation, the European Central Bank is likely to keep interest rates unchanged for now. Risks are seen as balanced, with a focus on data dependence and flexibility. As the economy weakens, the ECB is keeping all options open – the next move could well be a rate cut.

Despite the lack of economic data due to the US government shutdown, the Federal Reserve is heading for another interest rate cut. With a reduction of 25 basis points, the central bank aims to cushion economic risks and secure liquidity.

Strength in the Economy, Fragility in Market Breadth – Where Investors Should Look Next

A weakening labour market, stable inflation expectations, and increasing political pressure suggest that the Federal Reserve (Fed) will make a decisive policy shift at its upcoming September meeting, explains Jörg Held, Head of Portfolio Management at ETHENEA Independent Investors S.A. An interest rate cut appears inevitable

Uncertainty continues to shape the ECB’s policy outlook. While the phase of rapid rate cuts appears to be over, internal divisions and persistent inflation risks are complicating decisions. With a data-driven approach, the ECB is keeping all options open for the months ahead.