Audio commentary: Unraveling the uncertainties

Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.

We pinpoint five reasons why U.S. equities capped off a banner year in 2024 and why investors were willing to pay for premium valuations. We also offer thoughts on the environment in 2025 and how to approach portfolio positioning.

The dollar’s role in the global economy is evolving, and its “exorbitant privilege” looks to be as well. We examine the greenback’s role as the reserve currency and the implications of the world’s changing currency appetites.