The Fed chairman remains cautious, however, given the uncertainties surrounding inflation, particularly following the sharp rise in producer prices in July (+3.3%). Inflation is largely under the control of President Trump’s customs policy, with the introduction of customs duties and the reduction in inventories built up by companies to temporarily adapt to them. Growth in the United States is solid, rebounding to +3% in the second quarter of 2025, above analysts’ expectations. Job creation, on the other hand, was disappointing, with 73,000 jobs created compared to the 104,000 expected in July. The biggest shock was the revision of previous data, reducing job creation in May and June to zero. This revision led to the dismissal of the head of statistics at the US Labour Office.

In Europe, manufacturing indices are up despite US tariffs, raising hopes of a rebound in growth after a negative first quarter at -0.6%. Switzerland is much more affected by tariffs set at 39%, and there is cause for concern after growth of +0.1% in the second quarter of 2025. Inflation remains stable in Europe at 2%, but is rising to 0.2% in Switzerland… The Swiss government is planning various measures to support businesses.

In Europe, manufacturing indices are up despite US tariffs, raising hopes of a rebound in growth after a negative first quarter at -0.6%. Switzerland is much more affected by tariffs set at 39%, and there is cause for concern after growth of +0.1% in the second quarter of 2025. Inflation remains stable in Europe at 2%, but is rising to 0.2% in Switzerland… The Swiss government is planning various measures to support businesses.