『Fed's Immigration Theory Wrong? UBS Exposes Economic Truth』のカバーアート

Fed's Immigration Theory Wrong? UBS Exposes Economic Truth

Fed's Immigration Theory Wrong? UBS Exposes Economic Truth

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UBS latest report challenges Fed Chair Powell's "immigration shock" narrative on US economic slowdown. Data reveals weakness stems from demand shortfall, not population decline, with GDP growth at mere 1.2% annualized and unemployment rising to 4.25%. New tariffs expected to push core PCE inflation to 3.4% while dragging growth by 0.1-0.2pp. UBS forecasts Fed will cut rates 25bps in September, totaling 100bps by year-end.

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