January 22, 2025

A look ahead at 2025

We expect 2025 to be an interesting year for global economies and for financial markets as both will almost certainly be impacted by the incoming U.S. administration’s policy decisions, including major trade actions. We believe uncertainty and volatility will continue as we remain in a unique market environment where valuations of certain financial assets seem high while others appear more reasonable. While financial markets performed very strongly in 2024, and even though we expect to see positive absolute returns again in most financial assets in 2025, these returns will likely struggle to match the pace set in 2024. Given the expected slower pace for returns coupled with ongoing uncertainty, some degree of caution is warranted, especially in parts of the financial markets where valuations appear to be extended.

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