All United States articles – Page 5
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White papersRelative Value & Tactical Asset Allocation Q1 2025
Although the uncertainty of the U.S. election is over, uncertainty regarding the prioritization of announced policies creates a broader range of possible outcomes in 2025. An anticipated deregulatory environment should be positive for overall growth, while tariffs could work against global economic activity and temporarily boost inflation pressures.
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White papersBuying bonds: January macro and asset class views
2024 marked the fourth consecutive year of rising US yields, for the first time since the early 80’s. We have been patient in recent years going overweight duration in our multi-asset portfolios as we have persistently viewed the risks to US nominal growth relative to consensus expectations as skewed to the upside.
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White papersEquity Outlook: Preparing for Profound Policy-Driven Change
Political uncertainty and volatility create fertile ground for active investors to find companies that can successfully navigate a new era.
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VideoMarket Outlook for 2025: Gauging the Global Effects of New US Policies
For a deeper dive into these topics, read Fixed-Income Outlook 2025: Fertile Ground, and Equity Outlook: Preparing for Profound Policy-Driven Change.
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White papersShort Duration Q4 2024 Recap, Portfolio Actions & Outlook
Our latest Short Duration Quarterly Commentary recaps Q4 2024 and shares our sector outlook for short duration bonds.
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White papers2024 recap: Resilient despite risks
Markets defied challenges in 2024, delivering strong gains across equities and bonds, supported by investor optimism and resilient economic fundamentals. Entering 2025, a mix of policy clarity and elevated equity valuations suggests a cautious but optimistic outlook for U.S. growth. Key risks—including trade policy and the Federal Reserve’s evolving ...
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White papersFed 2025 outlook: A fragile balancing act
The Federal Reserve’s cautious policy stance reflects a challenging economic backdrop heading into 2025. Sticky inflation, resilient growth, and uncertainty around the incoming administration’s policies have constrained the Fed’s ability to ease aggressively. While our forecast anticipates three rate cuts next year, the path forward will depend heavily on inflation progress and labor market conditions.
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White papersEasier financial conditions lift expectations of a recovery in commercial real estate
The outlook for the commercial real estate market has improved in 2024. Economic growth ticked up in early 2024 and although projections have been adjusted downwards during the second half of the year, the faster than expected reduction in inflation has had a positive effect on investor interest. Global central banks began to unwind their monetary policy tightening, beginning with the ECB in June, the Bank of England in August, and the US Federal Reserve in September.
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White papersPositive on Equities, Cautious on the S&P 500
Why we think 2025 could bring a long-awaited reward for the discipline of diversification.
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White papersUS Small Cap. Setting the Stage for 2025
U.S. small-cap indices have pulled ahead of large-cap indices over the past three to six months, and through the first half of 2025, we anticipate further catch-up in both stock prices and, for higher-quality small caps, earnings growth. We believe government spending, tax cuts, trade realignments, deregulation and conducive industrial policies will boost US smaller businesses.
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White papers2025 Perspectives: Optimism through the obstacles
2025 arrives on the heels of remarkable resilience in global markets. However, investors face a world still shaped by uncertainty—from deglobalization and slowing growth in developed economies to resilient U.S. equities, elevated policy risks under the incoming Trump administration’s tariff threats, and persistent inflationary pressures in the U.S. In 2025 Perspectives, our leading investment experts highlight the themes that will impact portfolios and drive market performance in the year ahead.
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White papersFixed income outlook: resilient US provides an anchor
The enduring resilience of the US economy will be a key driver of financial markets in 2025 and beyond. Having avoided recession, the US is returning to mid-cycle, according to economic data, while inflation has continued to ease back towards the US Federal Reserve’s (Fed) 2% target, enabling the central bank to begin cutting rates. We believe the Fed views monetary policy as restrictive and will likely continue lowering rates, albeit at a slower pace than previously expected.
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White papersBuyouts Secondaries Roundtable: This is Not a Market Moment
In a roundtable discussion conducted by Buyouts, Boriana Karastoyanova evaluates the continued demand for capital solutions in the secondaries market, as both GPs and LPs navigate a shifting market backdrop.
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White papersTrump 2.0 and the Semiconductor Supply Chain
Donald Trump’s re-election could accelerate efforts to localize semiconductor production and spark more “friend-shoring” across Southeast Asia.
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White papersPrivate Funds CFO Roundtable: The Strategic CFO
In a roundtable discussion conducted by Private Funds CFO, Barry Giarraputo discusses the role of the CFO in driving strategic direction while ensuring that scalable infrastructure is in place to deliver sustainable growth.
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PodcastHigh Voltage: Exploring Developments Across the U.S. Electric Grid
This episode explores the complexities surrounding the demand for power generation driven in part by AI advancements and data centers.
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White papersNavigating the Health Care Industry in Trump’s Second Term
As President-elect Donald J. Trump prepares for his second term in office, the health care industry is poised for a period of potential change, despite his relative silence on policy details. In this case, personnel may make a major difference, and, in our view, investors should prepare for a landscape influenced by health care and budgetary appointments. While market volatility is likely, we believe maintaining an emphasis on long-term trends will be essential in navigating an evolving industry landscape. Understanding the implications of regulatory changes and key administrative appointments will likely be important in identifying investment opportunities.
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PodcastConnecting the Dots: CIO 2025 outlook – and why growth’s the elephant in the room
With growth top of the agenda for investors moving into 2025, join M&G Investments’ CIOs for their outlook amid a number of macroeconomic effects at play. They deliberate on growth, the Trump presidency and tariffs given the potential implications for global geopolitics, inflation – and prospective market opportunities.
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White papersPensions investment outlook 2025: US policy uncertainty clouds road ahead
The coming year will likely be characterised by three main drivers: the US’s politically driven polices; structural economic weaknesses and political uncertainty in Europe; and China’s restructuring of its troubled property market.
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White papersU.S. Real Estate: A Modest Start to the Recovery
The first major real estate downturn since the GFC is almost over. Demand is rebounding modestly across most of the U.S. real estate market while supply continues to pull back. This backdrop is presenting select opportunities in the asset class—but near-term risks remain.
