WEBVTT

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Hello, I'm Neel Mukherjee to Wealth
Management, Chief Investment Officer.

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And today I'm excited to share with you
some of the highlights

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from the Wealth Management 2025 outlook.

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This outlook, “Finding Balance:
Fiscal Adventures vs the Bond

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Market” recaps several key
themes that unfolded during 2024

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and how the economy and financial markets
reacted during a noisy election year.

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It includes our forward looking views on
global growth, inflation, central bank

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policy, equity and fixed income markets,
as well as potential surprises.

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We will be monitoring in the new year

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the stock market surprise
to the upside again in 2024, driven

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by a resilient economy, robust consumer
spending,

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a normalizing labor market and easing
inflation risks

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that provided the Fed the confidence
to start cutting interest rates.

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The elections that took place
across the globe in 2024

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ushered in a new paradigm
for the economy, policy and geopolitics.

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As new leaders assume power,
they will face the challenge

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of navigating complex
economic and geopolitical landscapes.

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In the U.S.,
the Republican sweep in November creates

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both opportunities and risks
for the economy and for investors.

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The market narrative is likely
to be sensitive to what

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policies are prioritized
by the new administration

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and the Federal Reserve's attempts
to balance growth and inflation risks.

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Our base case for how 2025 could evolve

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includes four important themes.

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Number one U.S.

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economic growth outperforms
the rest of the world.

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Number two.

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Two-sided risks to inflation
keeps bond volatility high once again.

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Number three, fiscal policy
drives shifting market and monetary policy

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outcomes.

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And number four,
the global economic fragmentation

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accelerates as we adapt to this evolving
global environment.

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We believe investors are best served
by remaining

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anchored to their long term investment
strategies.

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2025 will be another interesting year,

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and we hope our outlook will help
bring context for what lies ahead.