May 2025 Commentary And Economic Outlook

  • We expect the market to gyrate in the 5,000-6,000 range with a 5,500 inflection for the S&P 500 Index during the second quarter until thereĀ is greater policy clarity on tariffs. The US's enormous budget deficits cause US rates to be among the highest in the world, which drives the dollar significantly higher and results in large trade deficits.