Global Financial Markets

With the longest government shutdown in history and Supreme Court hearings on Trump’s tariffs in full swing, the U.S. economy is sailing blind. We examine how political fog, rising debt and AI-fueled growth shape the outlook for rates, currencies and risk assets.

The Fed fears that the prolonged stagnation in job growth will lead to lower consumption and rising unemployment. Is the US really that vulnerable, or is the economy stronger than expected?
 

Investors in precious metals and equities are increasingly assuming that central banks will prioritize economic growth over fighting inflation. However, once this path has been taken, it will be difficult to reverse course. This is very positive for gold and equities, but has the enthusiasm gone too far now?