The euro area defied expectations in 2025, delivering growth amid a challenging environment. Yet beneath this resilience, Europe has started to redraw its economic and strategic maps.

President Donald Trump’s campaign to get rid of Fed Chair Jerome Powell culminated in the most likely outcome—simply nominating a replacement. With Kevin Warsh on track to be the next chair, we look at the potential economic and market impacts.

AI investment has more runway ahead, in our view. A shift toward monetization, return on investment, and enterprise applications strengthens the case for diversifying beyond Big Tech to capture broader opportunities.