UBS On-Air: Paul Donovan Daily Audio 'Is profit-led inflation peaking?'

US House of Representatives Speaker McCarthy led Democrats in passing a debt ceiling increase (some Republicans also voted in favor). Economists now want to dismiss this farce and focus on what matters—like the economic gossip from the Fed’s Beige Book. That suggested slowing economic activity and moderating inflation pressure. The details confirmed past profit-led price increases, but also signalled the limits of this process may now be reached as consumers rebel.