We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.

The greenback’s volatile year underscores the interplay between cyclical drivers and longer-term valuation challenges—factors that could have implications for global equity leadership.

The White House has made broad interpretations of existing legislative authority to make unilateral policy moves. We examine how this centralized ad hoc decision-making raises structural concerns and how the economic policy framework may evolve.