We are not going to say ‘volatility ahead’, because we think everyone always says this and it’s market commentary filler. Instead, recession risk low, inflation still cooling, earnings growing (albeit a bit slower than before for 2025) all makes for a pretty good backdrop. Countering this we have the elevated geopolitical risks, a market that may have priced in a lot of good news already and the election. And even with a weak finish, should that transpire, it’s been a really good year so far.

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