Steve Blitz, chief US economist at TS Lombard, warns that Mr Powell will have to move quickly to cut rates. "The tariff clash obviously complicates their thinking about what to do next, given that a monetary response alone is ill-suited to fight a trade war. Nevertheless, an insurance cut was promised, and September increasingly looks like it will be a cut too late if the trade war rolls on, as it now looks set to do," Mr Blitz said.
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