Macro Insights Q1 2025

Macro Insights: Fisher Investments’ global macro perspective in charts

The global economic expansion and equity bull market are expected to continue in 2025. While the US presidential inaugural year may bring variability, the potential impact of tariffs is likely overestimated, and a tight Congress may limit President Trump's ability to implement significant changes. In Europe, sentiment remains low, providing considerable potential for upside surprises, and equity leadership may shift from US large growth companies to less-favored areas such as non-US and value stocks.