UBS CEO Sergio Ermotti during the annual meetings of the International Monetary Fund and World Bank in Washington, D.C., on October 13, 2019. 23, 2024.
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UBS CEO Sergio Ermotti warned Tuesday that the expected decline in interest rates could stall if the anticipated tariffs of Donald Trump's second White House administration trickle down to markets and support inflation.
“Something I've been saying for a while, inflation is a lot more difficult than we've been saying,” he told CNBC's Andrew Ross Sorkin. “(The) fact of the matter is that we also need to see how tariffs will play a role in inflation.”
“Tariffs probably won't help reduce inflation. So I don't expect interest rates to fall as quickly as people think,” he said.
This breaking news story is being updated.
