- Rate cuts in the US continued the easing cycle, with a 12-month trade truce between the US and China supporting sentiment.
- Despite this, challenges remain: the US government shutdown persists, and higher tariff revenues could lead to rising inflation.
- Volatility hasn’t disappeared however, and the defensive part of our Investment Management Service portfolios remains as important as ever.
The value of securities and the income from them can fall as well as rise. Past performance should not be seen as an indicator of future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.
