We believe the Federal Reserve is likely to soon join other central banks in further cutting interest rates, likely providing a tailwind for shorter-duration U.S. bonds.
Beyond the short-term market impacts of trade tensions and geopolitical risk events, we are constructive in our medium-term outlook for the global economy and risk assets.
While tariff uncertainty continues to linger, the passage of the One Big Beautiful Bill provides business leaders with long-awaited policy clarity that may provide a boost to capital expenditure.