After three strong years, a more modest outcome from equity markets appears likely. Loose fiscal policy in the US and elsewhere, the lagged impact of 2025’s rate cuts, with more possibly from the Fed and BoE in 2026 and continued strong business investment in technology, defence, energy etc., helped by recent changes in US tax policy, should support earnings.
Inside this quarters newsletter you will find:
- Market overview
- With the start of the new year, we look out to the long-term themes that we think might shape financial markets and portfolios over the next quarter century.