May 2025 Commentary And Economic Outlook
2025-05-12 15:58:00 ET
Summary
- We expect the market to gyrate in the 5,000-6,000 range with a 5,500 inflection for the S&P 500 Index during the second quarter until there is greater policy clarity on tariffs.
- The US's enormous budget deficits cause US rates to be among the highest in the world, which drives the dollar significantly higher and results in large trade deficits.
- We continue to believe that the Fed will cut 3 times this year and that the 10-year yield will end the year in the 3.5%-4.0% range after the Fed cuts rates.
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May 2025 Commentary And Economic OutlookNASDAQ: VGSH
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