2025 Outlook – What Options Amid the Resurgence of Unpredictability?

The year 2024 ended on a positive note, both in the bond and equity markets, despite the economic divergences between the United States and the rest of the world, as well as a persistently high floor on interest rates.

2025 is likely to present a complex landscape, marked by uncertainty stemming from the outcome of the US elections, and heightened inflationary and budgetary risks contributing to volatility in long-term rates, both in the United States and in Europe.