Economic and market outlook 2025 : A state of flux

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      <subfield code="a">As 2024 draws to a close the Great Normalisation (as we had termed it) of falling inflation, progressive cuts in policy rates and trend-like global growth, is now in doubt. The US election outcome signals a new direction. President-elect Trump has a mandate for change and a desire to make it happen quickly. Election pledges are being bolstered by the proposal of loyal hard-liners to key cabinet positions, as the rest of the world takes note with some trepidation. While the President-elect's intent appears clear, and Congress is likely to be supportive, it is perhaps the financial markets that will ultimately provide the checks and constraints on an ambitious political agenda. From both an economic and financial market perspective, the global 2025 outlook is best characterised as being in a state of flux.</subfield>
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      <subfield code="u">https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/economics-and-markets/docs/2024/economic-and-market-outlook/economic-and-market-outlook-2025-a-state-of-flux.pdf</subfield>
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