Solid earnings and accommodative policies—both fiscal and monetary—were enough to overcome the hurdles of several tariff announcements and a deteriorating employment picture in the U.S.
A surprisingly sharp downward revision in U.S. job growth enhances the likelihood that the Federal Open Market Committee (FOMC) will reduce the federal-funds rate at its September meeting.
Markets scaled a wall of worry in the second quarter of 2025—geopolitics took center stage from tariff turbulence, while equity markets rallied sharply from the post “Liberation Day” lows.
