GAM's Active Thinking 31 January 2025
US equity returns have been disproportionate by long run standards. Economic fundamentals remain sound but market valuations are stretched. And, for investors, the start of the new Trump administration will matter – to a point.
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The US Federal Reserve (Fed) held interest rates at 4.5% (the current Fed Funds upper bound), as widely expected. The Fed’s primary mission of course is to keep inflation below the 2% target (along with keeping unemployment low) but achieving this has remained elusive for some time now.
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