#us-monetary-policy

#us-monetary-policy

Global equities returned strongly in 2025 (~20% local; 14.7% sterling) despite sharp volatility from policy shocks, dollar weakness, and concentrated US tech gains.

EURUSD movement is driven by Atlantic growth and yield differentials, with U.S. higher-for-longer policy and tariff risks supporting the USD over the EUR.

Gold prices are stable amid geopolitical developments and expectations for monetary easing from the US.