Insights

With a second Trump administration in the U.S. eyeing an ambitious agenda and trade tensions coming to the fore, how should investors position portfolios? Our 2025 Outlook examines the issues and opportunities facing economies and markets in 2025.

Amid efforts to stimulate growth in the face of economic challenges, we see selective long-term opportunities in both equities and fixed income.

Trade and internal tensions are likely to play key roles in 2025, as potential tariffs and political disruptions cloud the picture.

Asia’s equity outlook will likely depend on U.S. tariffs, China’s stimulus and Japan’s structural changes. Stable fundamentals support cautious optimism for investment-grade bonds.

Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.

In 2025, global equity markets may be able to add to the remarkable gains of the past two years. That will require economic and earnings pictures that don’t falter.

Four powerful trends involving game-changing innovations and demographic changes are set to play out in the global economy over the coming decades. We believe they can provide an attractive way to plug investment portfolios into the future.

The Fed has finally aggressively lowered interest rates. While a steeper yield curve reflects the market’s optimism that rate cuts will shore up the economic outlook, further steepness could be a sign the Fed will cut rates deeply, likely due to a re

The market pullback will take time to play out. Planning for an eventual shift to defense beats a “hope for the best” approach.

The federal government’s debt has doubled since 2015 – and shows no signs of turning around.