What Trump 2.0 means for the economy and markets

• What Trump 2.0 means for the global economy
• What Trump 2.0 means for markets
• USD in the Trump era: strong, but not unstoppable

Global Investment Views

Markets: a tug of war between inflation fears and optimism

The Trump 2.0 era is upon us and markets have already become extremely sensitive to inflation data, a trend that will likely last in the coming months. Higher inflation sensitivity has also turned equity/bond correlation back to positive. Markets are currently influenced by two opposing forces: the prospect of Trumponomics reinforces the narrative of US exceptionalism, while the imposition of tariffs introduces uncertainty into global supply chain dynamics and inflation trajectories.

Scenarios, risks and macroeconomic forecasts

• Main and alternative scenarios
• Macroeconomic forecasts

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