Mind on the Markets Quarterly: 2 themes shaping Q3 markets

Mind on the Markets Quarterly: 2 themes shaping Q3 markets

July 01, 2025

Investor Services

With continued uncertainty ahead, BBH experts discuss what's shaping Q3 markets.

Policy instability continues: Tariffs, fiscal uncertainty, and geopolitical tensions are clouding the US outlook, with stagflation risks on the rise.
- Fed in flux: Despite holding rates, dovish voices are growing louder and markets are now pricing in a September cut.
Dollar under pressure: The USD’s global dominance is being challenged amid ongoing trade and tariff fluctuations. The One Big Beautiful Bill Act is also raising concerns over the US fiscal burden.
- Gold and the RMB gaining ground: Central banks are diversifying into gold and the renminbi, signaling a potential long-term rebalancing of global reserves.

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MOTM Quarterly Q3 Publication 2025

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