Audio commentary: Unraveling the uncertainties

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.

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.

Markets head lower following a hawkish rate cut by the U.S. Federal Reserve. We discuss the reasons behind the Fed’s shift and if investors really need to fear higher rates caused by stronger growth.