From January 20 to July 4: Why the U.S. Will Dominate Market Attention Throughout 2025

The Asset Managers’ View

Date:

Pixabay CC0 Public Domain

Author: Beatriz Zúñiga

Wall Street outpaces Europe with tech gains over 18% compared to 8% for the S\&P 500 over the past three months

Volatility characterized the bond market in the first half of 2025

The issue is that the U.S. economy has maintained high levels of political uncertainty, which has weakened both business and consumer confidence

The tax reform approved on July 4 projects an increase in the accumulated primary deficit over the next decade of \$3.4 trillion (11.6% of GDP), plus another \$700 billion (2.4% of GDP) in interest

The current effective tariff rate of 15% remains the highest since the 1930s

The prospect of appointing a new Fed chair opens the door to speculation

Payden & Rygel, Activotrade SV, ATFX LATAM, Schroders, Federated Hermes, Banca March, T. Rowe Price, LBP AM, BlackRock Investment Institute (BII), Julius Baer, J. Safra Sarasin Sustainable AM, and La Financière de l’Échiquier share their opinions and analysis