Global Macro Mid-Year Outlook 2025

The global macroeconomic environment through mid-2025 reflects the ongoing normalization of monetary policy across major developed economies, divergent growth conditions between the US, Europe, and emerging markets, and continued uncertainty around trade policy and geopolitical developments.

This outlook reviews key macro themes entering the second half of 2025 and their potential implications for asset allocation — including fixed income duration, international equity exposure, commodity positioning, and currency risk for globally diversified portfolios.

This material is for informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any security. All investing involves risk, including the possible loss of principal.