UBS: FED RATE CUTS PUSHED TO SEPTEMBER UBS now expects the Federal Reserve to delay rate cuts until September, followed by another in December, as inflation and geopolitical risks persist. Economist Andrew Dubinsky says the Fed is waiting for clear evidence inflation is falling, with core PCE still around 3% and partly driven by tariffs. Rising oil prices linked to Iran and a stable labor market are reinforcing a “wait-and-see” stance. UBS expects conditions to improve in 2026, but warns the timing of cuts remains uncertain.(*Walter Bloomberg)