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. Read or watch below.
  • 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.

Watch the webinar replay

0:00 Intro
1:01 Fed Meeting Summary and Implications
5:41 The state of the US economy
15:24 The Dollar’s reserve status
26:23 Q&A - asset allocation, gold, Fed independence

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Mind on the Markets Quarterly: 3 themes shaping Q2 markets

BBH experts discuss how global markets are responding to ongoing economic volatility.
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