The unifying theme of our 2025 outlook is that uncertainty has risen so significantly that it is now a core feature of the economy that needs to be factored into investment decisions explicitly in its own right.
To this end, our report details why the evolution of the U.S. and global economy is harder to call, outlines the scenarios that matter (both our baselines and alternatives), and, most importantly, links our market calls and portfolio advice to the high-uncertainty landscape.
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