“The greater the tension, the greater is the potential.”
– Carl Jung
The Through Line: Investors grappled with an unusually large helping of headlines in the first six months of 2025, prompting stepped-up volatility in most corners of the capital markets. Despite the gyrations, U.S. equities are up modestly on the year, while many international bourses have increased double digits; fixed income yields and currencies have been orderly and market sentiment continues to lean optimistic. In essence, it all boiled down to a classic tug-of-war between factors that promote or hinder growth and those that increase or reduce inflation. We expect the coming months to at least partially clarify matters, thus justifying markets’ first-half resilience and setting the table for continued progress as the year rolls on.
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