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LGT Navigator: Fed warns of risks of trade war

July 6, 2018

The ongoing trade conflict with the USA continues to be at the center of events. In the FOMC's minutes of the last monetary policy decision, the Fed emphasized the risks of a trade war in particular, but confirmed that it would continue to raise interest rates gradually. Today Washington will impose punitive tariffs of USD 34bn on Chinese goods and Beijing threatened an immediate reaction.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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