The chief executive of Swiss banking giant UBS, Sergio Ermotti, has weighed in with his analysis on inflation:
- "One thing I've learned is that one must not try to make predictions on the coming months - it's nearly impossible. That said, at this stage I am still not convinced that inflation is really under control"
- "The trend seems favourable but we must see if it continues. If inflation approaches the 2% targets in all major economies, central banks' policies could loosen a bit. In this environment, it is very important to remain agile"
He was speaking in an interview over the weekend with Swiss newspaper Le Matin Dimanche.
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As head of a global banking giant much of his job involves making predictions I(and then implementing policy for the bank in response to them), and overseeing those who do (traders, for example), so his "not try to make predictions on the coming months" seems like a peculiar assertion.
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Last week Federal Reserve Chair Powell got all optimistic and flagged easier policy soon to come from the FOMC.
