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Warsh’s hawkish tone on core PCE and rate primacy, backed by resilient data, raised the odds of a September rate hike, while Nvidia’s guidance kept the AI cycle intact, though equity gains stayed narrow and earnings-dependent.

The key question over these past two years has been whether or not the massive investments in data centres, chips and computer models would translate into equally impressive returns; the latest earnings season has brought with it the proof.

Global PMIs held up despite high energy costs, with inflation easing in the US and eurozone, although not by enough to fully dispel concerns. 

In a new interview with VSV-ASG (the Swiss Association of Asset Managers), UBP family office experts Monica Espinosa and Pierre Ricq talk about UBP’s family office approach: listen when it counts, guide where it adds value, and keep performance at the core.

July’s softer inflation leaves a September US Federal Reserve (Fed) rate hold as the most probable scenario.