WTW – Global Markets Overview, Sep 2025

The main theme of the report is the analysis of inflation in the United States, with a focus on the impact of tariffs on price growth.

The report highlights that inflation in the US showed moderate acceleration in July, with increases in both the overall and core Consumer Price Index (CPI). The impact of tariffs is becoming more noticeable, especially in categories of goods subject to high duties, such as clothing and furniture. Core inflation in the US is expected to peak in the range of 3.0%-3.5%, and the Federal Reserve is likely to resume rate cuts to support economic activity.