At around 2am local time in Zurich, Mark Haefele, chief investment officer at UBS Global Wealth Management, gave his judgment on a new round of large-scale tariffs by US President Donald Trump. He wrote in a note to clients: The Federal Reserve will be forced to cut interest rates sharply this year, possibly as many as four times. About 12 hours later, Michael Gapen, chief US economist at Morgan Stanley, came to the opposite conclusion...