Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Why Rattle the Apple Cart?: The tariff policy shock has injected downside risks into what was shaping up to be a still favorable cyclical growth momentum supported by multiple pillars in 2025.
  
  
• Market View — Tariff Policy: Past and Present and Future: Future changes in trade policy from the U.S. administration will nonetheless continue to bear close watching for their potential impact on economic growth, inflation and corporate earnings.
  
  
• Thought of the Week — Weighing the Options—A Case for the S&P 500 Equal-Weight Index: Fundamentals of the equal-weighted index, such as the price-to-earnings ratio and dividend yield, suggest the index may currently be undervalued relative to history and could present a sweet-spot for investors.​