Economic momentum halted. Trump and DOGE break confidence. Complicated dilemma for the Fed. 15% tariffs and +1.5% inflation. Fixed-income markets benefit from recession risks. Dollar and equities under pressure.

Key points

• U.S. economy slows down since Trump
• Growth halted in the first half of 2025
• Leading indicators point to a slowdown
• DOGE’s action affects jobs and confidence
• The Federal Reserve faces a difficult dilemma
• Tariffs at 15%: +1.5% impact on inflation
• Fixed income markets benefit from recession risks
• The context is no longer very favorable for the US dollar
• Equity markets under Trump’s negative influence

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