Northern Trust’s July 2025 Global Economic Outlook explores how persistent protectionism, softening growth, and inflation asymmetries are shaping central bank strategies and cross-border investment risk.
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U.S. policy turns inward: High tariffs and fiscal expansion aim to reshore production but risk long-term drag; the Fed is split, with rate cuts expected to be gradual and politically contested.
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Global divergence deepens: The eurozone sees easing ahead amid weak demand; the UK faces stagflation risks, while China balances deflationary pressures with selective stimulus.
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Trade realignment accelerates: Tariff regimes and fragmented deals challenge global supply chains, with investment implications across regions and sectors.
Are your portfolios positioned for a multi-speed world shaped by geopolitics and macro friction? The full report breaks down regional dynamics, policy paths, and forecast revisions.
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