• We anticipate slower growth and sticky inflation
• We expect elevated market volatility and prefer fixed income
• Sectors with less direct exposure to U.S trade policy offer diversification opportunities
• We see stress from U.S. consumers across all income levels

MetLife Investment Management expect a more moderate decline in economic activity as the shock from “Liberation Day” tariffs fades and, as policy evolves toward an end state, consumers and businesses begin to behave more normally after initially pulling back sharply in response to the volatility. Nevertheless, the damage has been done. We will be watching the behavior of the savings rate relative to yields, consumer sentiment, and corporate profit margins to refine our outlook for growth over the next few quarters.

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