2025 has been marked by U.S. tariff news, geopolitical tensions and market volatility. Recent comments by Treasury Secretary Scott Bessent and President Donald Trump seem to confirm that the “Trump put” of his first presidential term is no longer in place. Investor confidence has clearly been shaken by this revelation and the uncertainty of the administration’s on-again/off-again tariff policy. Thus, 2025 so far has represented a stark reversal from many of the trends we saw last year. Nevertheless, one could argue the market needed a correction with stocks at all-time highs and credit spreads in many areas of fixed income at post-Global Financial Crisis (GFC) tights entering the year.
