All United States articles – Page 9
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White papersQ2 Pension Funding Status
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc., estimates that, as of June 30, 2025, the average U.S. corporate pension funded status rose to 105.1%. This was up 2.1% from 103.0% as of March 31. MIM manages approximately $600 billion in total assets under management, including over $30 billion of long duration and liability driven investments.
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White papersUS tariffs delayed to August
“The ongoing tariff-related uncertainty points to the transactional and unilateral approach of the United States that can complicate matters for policymakers around the world.”
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White papersThe “One Big Beautiful Bill Act” and implications for commercial real estate
The “One Big Beautiful Bill Act” (OBBA), which was signed into law on July 4, 2025, preserves and, in many cases, strengthens the tax advantages of owning U.S. commercial real estate (CRE), both equity and debt. These provisions have the combined impact of lowering taxable income while increasing cash on cash returns and net operating cash flow. Additionally, section 899 (which was expected to have negative implications for foreign investment in the U.S., given its retaliatory tax measures) was removed from the final bill. Bottom line, the final bill is widely viewed to have net positive implications for the U.S. commercial real estate market.
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White papersWhy the dollar deserves more credit
In a recent paper, we argued that sustained weakness in the US dollar would require clear evidence of narrowing real interest rate or growth differentials between the US and its major trading partners—conditions that have yet to fully materialise. Since then, the narrative around the weak dollar has continued to gain traction, but much of the perceived dollar weakness is actually a reflection of euro strength, which may now be overextended.
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White papersShaken, but not stirred
The U.S. economy remains resilient but is gradually losing momentum, while policy uncertainty continues to cloud the global outlook. Selective opportunities are emerging in fixed income, private markets, and high-quality equities supported by solid fundamentals.
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White papersChicago Multifamily: Fundamentals Outpacing Perceptions
Nationally, commercial real estate total returns declined by an average of 3.4% annually from the 2022 peak through 1Q 2025 (Exhibit 1), primarily due to the Federal Reserve’s rate hikes. While these macro headwinds have affected all markets, our attention is now shifting to local supply-and-demand fundamentals, which will increasingly determine performance. In this context, Chicago’s multifamily sector stands out: After years of underperformance, it now appears poised to close — and potentially reverse — its valuation gap relative to peers.
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White papersEmerging Markets Debt: Is It What Your Asset Allocation Needs?
Emerging Markets (EM) may be uniquely positioned to help portfolios with income and return potential within a world of many changes. One supportive tailwind for Emerging Markets Debt (EMD) is the fading of U.S. exceptionalism — a period when U.S. economic growth and asset returns attracted enough of the world’s capital to more than compensate for the potential negative effects of large trade and fiscal deficits.
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White papersIndependence Day’s big tax bill
Ballooning US federal deficits will heighten investors’ concerns about the sustainability of US fiscal policy, pushing them to look for opportunities arising in other areas.
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White papersThe enduring power of dividends
Dividend strategies can be a valuable addition to investors’ portfolios, offering the potential for steady income and long-term growth. They have been overlooked lately, but in a world of lower stock market returns and uncertainty, it may be time for investors to rediscover the enduring power of dividends.
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White papersWhat keeps central banks awake in 2025?
Insights from the 31st UBS Reserve Management Seminar
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White papersThe flight from the dollar
Will capital continue its slow yet steady flight from the US?
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White papersJune jobs report: Tighter immigration policy complicating the outlook
June’s U.S. jobs report showed stronger-than-expected gains, but a shrinking labor force—driven in part by tighter immigration policies—is complicating the broader economic outlook. This dynamic could challenge the Fed’s policy path moving forward.
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White papersA market guide to deregulation
Deregulation is emerging as a potential counterbalance to rising trade barriers and political uncertainty in the U.S., with pro-growth policies expected to support economic momentum. Sectors like energy, industrials, financials, and small caps—most sensitive to regulatory changes—stand to benefit the most.
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White papersHotels and offices: From operational upside to demand uncertainty in the age of AI
AI is boosting operational efficiency in hotels, while the long-term impact on office demand remains uncertain. Over time, rising productivity could support renewed interest in high-quality office space.
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White papersUnexpect the Expected – The World According to Trump
The dramatic changes to U.S. tariffs settings challenges the financial market’s Trump pro-growth market narrative which heralded the start of 2025. Instead, investors now face conditions which look likely to invoke a global economic slowdown, if not recession, with significant pressure on corporate earnings from higher costs together with unsettled consumer demand and production patterns.
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White papersNATO pledges for more defence outlay
“Renewed security challenges in a fragmented world indicate that Europe must strengthen its strategic autonomy. NATO’s latest declaration to raise defence spending may present such an opportunity for the region.”
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White papersU.S. Economic & Property Market Perspective - Q2 2025
Bookended by “Liberation Day” on April 2nd and the President signing into law the “One Big Beautiful Bill” on July 4th, the past 90+ day period is arguably the most consequential period of federal government policy change in the U.S. since the onset of the Global Financial Crisis (GFC) in the latter part of 2008 and early 2009.
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White papersThe great uncoupling: Is this the end of dollar domination?
Typically in times of crisis, Treasury yields fall, while the US dollar strengthens. Now, we are seeing the dollar tumble, while Treasury yields are rising – a signal that investors’ unshakeable faith in the US as a safe haven has begun to crumble. Where will investors turn in this new paradigm?
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White papersU.S. equities supported by a solid economy
U.S. equities remain near record highs, supported by strong consumer spending, tight labor markets, and healthy corporate balance sheets. These solid fundamentals help offset concerns around policy and geopolitical risks.
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White papersThe evolving Israel-Iran conflict
Over the weekend, the United States launched airstrikes on three key Iranian nuclear sites, Iran responded on Monday by launching missiles at the US’s Al Udeid Air Base in Qatar. The missiles were shot down and resulted in no casualties – Trump thanked Iran ‘for giving us early notice’. Following these developments, on Monday, a ceasefire between Israel and Iran was announced, but as of now, it remains unclear if it will hold. The weakened Iranian regime faces growing pressure.
