Audio commentary: Unraveling the uncertainties

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

With the centerpiece of U.S. President Donald Trump’s economic agenda winding its way through Congress, we examine what’s of key interest to markets and investors, before noting why the ultimate outcome of the bill is likely to look different.

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.