Fed should be ready to cut by September - UBS
The investment bank, in its blog assessing the Beige Book, noted that Monday's retail sales data for March surprised to the upside, rising 0.7% month over month after an upward-revised 0.9% increase in February.
"We would also note weakness in the recent NFIB survey of small businesses, which fell to a 12-year low," said UBS. So, for the time being, and in line with Fed Chair Jay Powell's recent comments, UBS believes the most likely course of action is for the Fed to keep rates where they are for the time being.
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