ASX Nears Record Although U.S. Tariff Uncertainty Clouds Global Outlook
Tom Essaye warns Fed may delay cuts until trade policy stabilizes
ASX on track to break record; big miners jump
AUSTRALIAN MINERS SURGE WHILE U.S. POLICY RISKS SIMMER
The ASX is on track to hit a new record as mining stocks jump, but U.S. trade and rate policy remain a source of global market concern.
According to Tom Essaye, author of the Sevens Report, Trump’s unpredictable tariff strategy could force the Fed to delay a rate cut beyond September.
“There’s zero chance we’ll have tariff clarity by August 1, which makes a July rate cut impossible.”
— Tom Essaye, Sevens Report
Even if Trump sticks to the current deadline, Essaye warns, markets expect a delay, which pushes rate decisions further into the year.
“The Fed will want to wait a few months to see what impact these new tariff rates have on the economy.”
Essaye also noted a potential political backlash if higher-for-longer rates persist, which could escalate tensions between Trump and Fed Chair Powell.
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