2025 Outlook
Economic clarity fuels
high hopes

We will have full plates in 2025 if it proves half as eventful as 2024. Investor optimism continues to climb on high hopes for the economy and the incoming administration’s pro-business orientation.

Our investment leadership team has written a series of insights to share their expectations for financial markets and the economy in 2025. Three key points to consider as we enter the New Year:

1. We’ve come full circle—back to a Federal Reserve that’s cutting rates rather than raising them—with an economy that’s still geared for durable growth.
2. The Trump administration’s policy plans should bode well for the U.S. economy and financial markets. We are, however, attuned to some of the more disruptive and inflationary implications of the president-elect’s trade policies.
3. There’s a lot to be optimistic about between a solid economic foundation and a mostly supportive incoming policy regime, but investors need to understand that asset prices already reflect this optimism.

 

We hope you’ll find that we continue to seek high-quality investment ideas for the opportunity pipeline as you read through our 2025 Investment Outlook. We expect more moderate performance from financial markets in 2025 than in recent years, but we also see a full plate of opportunities developing across the portfolio—within traditional and alternative asset classes alike.