The first quarter of 2025 was marked by the return of Donald Trump to the presidency of the United States, who implemented deregulation measures and increased customs duties in several countries, including China and the European Union.
This protectionist policy has created great commercial uncertainty and affected confidence indicators. Nevertheless, the US economy has shown some resilience with stable job creation and rising wages. Inflation remains high, limiting the room for maneuver for the Fed, which kept its rates unchanged.
Access our Quarterly Review of Financial Markets and Outlook of the first quarter of 2025 in PDF format by clicking here.
