Macro Insights Q3 2025

Macro Insights: Fisher Investments’ global macro perspective in charts

The Q2 equity market downturn reset investor sentiment lower even as markets recovered and hit new highs. Falling uncertainty on economic issues like tariffs and taxes is proving more important to investors than tariff or tax levels, and corporations are proving adept at navigating tariff volatility. Cyclical value stocks should benefit from this increasing economic confidence, while growth stocks likely face headwinds from high expectations.