UBS On-Air: Paul Donovan Daily Audio 'Independent thinking'

Gulf states' tilt toward Iran cooperation could weaken US-linked petrodollar recycling while ECB and Fed both weigh tolerating oil-driven inflation over engineering a downturn.

• Gulf-Iran realignment: Gulf states meeting at the UN say US-Iran peace talks aren't progressing and signal a long-run desire for direct security cooperation with Iran instead.
• Petrodollar recycling at risk: Less reliance on US defense procurement could weaken the mechanism that recycles petrodollars without pressuring the dollar's value.

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