UBS joined Goldman Sachs in warning that the market's expectation for a rate cut is not realistic.
"While the Fed may eventually be forced to support growth, especially if the ongoing trade dispute with China inflicts lasting damage on capital spending and employment, we don't expect a rate cut soon," says Mark Haefele, UBS' global chief investment officer.
The bank cited unemployment rate "at a multi-decade low of 3.6%," "robust demand for workers" and high consumer confidence. UBS joined Goldman Sachs in warning that the market's expectation for a rate cut is not realistic because recent economic data has been "mixed," rather than weak, which don't warrant an easing of monetary policy anytime soon.
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