Q1 2025 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

• Tariff Fears Nearing Extremes: With worst-case scenarios seemingly priced in, we believe there is likely upside relief if legislative or judicial resistance strengthens or if negotiations de-escalate trade tensions, but the chance that countries retaliate or rebuke the U.S. still exists, which would be a significant negative.
• Corrections Are a Normal Part of Bull Markets: Pullbacks are difficult to time but tend to be brief and constructive, often laying the groundwork for renewed upside.
• Global Markets Should Surprise Higher: Markets don’t need extraordinary economic growth to perform well, and overly pessimistic sentiment, particularly outside the U.S., should set the stage for positive surprise.