Tariffs, uncertainty, and inflation.

April 11, 2025

A timeless message for turbulent times.

Our Chief Information Officer, Jim Smigiel, puts ongoing market turmoil into perspective and discusses how past crises show the importance of staying disciplined during times of market uncertainty.

Volatile markets and tariffs are temporary—long-term strategy is key.
Avoid reactive decisions—history shows a steady approach often yields better outcomes than trying to time the market.

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Hi, I’m Jim Smigiel, SEI’s Chief Investment Officer. Today, I’m here to talk about the only topic that matters to investors at the moment: tariffs and the uncertainty surrounding them.

We saw a tumultuous first quarter as the threat of tariffs approached and a brutal start to the second quarter as they began to be implemented. While we remain cautious in our outlook and anticipate continued volatility, those of us with gray hair have been here before.

The Greek debt meltdown, the collapse of Lehman Brothers, even the 2023 banking debacle in the U.S., and every other crisis in between all have two things in common.

The first is that, in the moment, it feels like the end of the world in financial markets.

And the second is that the moment passes.

During these times, and quite frankly during every other time, rational decision making is the intelligent way to manage money. Recent market events simply don’t change that.

So, we encourage everyone to take a deep breath and avoid making any significant portfolio allocation changes in reaction to this recent volatility. Stay calm. This moment will pass. In fact, it may already have.

Learn more.

Our view of the impact of tariffs and market uncertainty.

Important information

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Positioning and holdings are subject to change. All information as of the date indicated. This information should not be relied upon by the reader as research or investment advice, (unless you have otherwise separately entered into a written agreement with SEI for the provision of investment advice) nor should it be construed as a recommendation to purchase or sell a security. The reader should consult with their financial professional for more information.

Additional important information

Statements that are not factual in nature, including opinions, projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions that are subject to change without notice. Nothing herein is intended to be a forecast of future events, or a guarantee of future results.

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The views contained herein are not to be taken as advice or a recommendation to buy or sell any investment in any jurisdiction. Our outlook contains forward-looking statements that are judgments based upon our current assumptions, beliefs, and expectations. If any of the factors underlying our current assumptions, beliefs or expectations change, our statements as to potential future events or outcomes may be incorrect. We undertake no obligation to update our forward-looking statements.

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Learn more.

Our view of the impact of tariffs and market uncertainty.

The bottom line on tariffs.

The bottom line on market volatility and tariff talk.