Third Quarter Review and 2025 Outlook

What just happened? An economy that's slowing but not slow is a tide now lifting more boats. We believe the growth-oriented policy approach of the U.S. and other developed countries will continue to feed this trend. The slightly deferred benefits of U.S. tax policy should make their presence known in 2026 earnings. Tariff policy continues to be a fly in the ointment, but one markets are learning to live with. While overall tariff levels have been lowered from their original shock-and-awe level, dealmaking country by country and sector by sector poses a challenge for forecasting.