Quarterly Market Outlook – 4Q 2025
- Global economic strength has withstood U.S. trade policy shocks
Growth forecasts have recovered since Liberation Day and have even improved for 2026. Yet, elevated inflation and U.S. dollar weakness are the lingering scars of the trade policy shocks, adding to already rising global fiscal concerns. - U.S. recession fears have been dismissed, helped along by strong consumers and AI capex spend