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.

The U.S. equity market has taken investors on a bumpy roller coaster ride, leaving some of us queasy. We discuss what drove the rally, lingering risks, and the market’s potential from here.

Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.