Macro Insights Q2 2025

Macro Insights: Fisher Investments’ global macro perspective in charts

Despite recent volatility and negative sentiment fueled by tariffs, we expect the global economic expansion and equity bull market to continue in 2025. Tariff impacts are likely mitigated through negotiations, legal challenges, or Congressional pushback. Underappreciated positives, including robust stimulus measures, free trade agreements, and solid household and corporate balance sheets, create potential for upside surprises. While U.S. large-growth firms should do fine, value, European, and other non-U.S. equities likely outperform for the remainder of 2025.