28^th August 2025 – Commenting on the US GDP, Harun Thilak – Head of Global Capital Markets NA at Validus Risk Management: “US Q2 GDP grew by 3.3 per cent, beating expectations of 3.1 per cent. While backward-looking, the print suggests an economy moving along fairly smoothly and, so far, not showing the weakness many expected from tariffs. Concerns remain about labour-market softness, which has contributed to a more dovish bias from Fed members. Markets are currently pricing about an 85 per cent probability of a 25-basis-point rate cut at the September Fed meeting, with roughly 54 basis points of cuts priced in for the remainder of 2025.”