Summer Twists: Tax Cuts, Tariffs, and Treasuries

  • OBBBA: a costly and socially regressive fiscal plan

  • Tariff uncertainty looms ahead of August deadlines

  •  Bonds face a fiscal reality check

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Summer Twists: Tax Cuts, Tariffs, and Treasuries

Global Investment Views

Deal or no deal, prepare for a volatile summer

Global equities reached new record levels in July on expectations of trade deals, easing of US tariff threats and hopes of a short-term boost to US growth from the One Big Beautiful Bill Act (OBBBA). This has happened despite US tariffs moving higher (when compared with before Trump came to power), indicating some complacency in risk assets. On the other hand, bond yields in the US, the UK, Europe, and Japan are reflecting concerns over debt sustainability.

Amundi Global Investment Views
Global Investment Views - July - August...

Authors

RC - Author - Vincent Mortier
Group Chief Investment Officer
RC - Author - DEFEND Monica
Head of Amundi Investment Institute & Chief Strategist