The quarterly publication explains that strong private investment and increased government spending are outweighing headwinds from more restrictive trade policies and subdued consumption in China. While the medium-term outlook remains constructive, additional monetary easing alongside an already supportive fiscal backdrop could reignite overheating concerns and lead investors to revisit expectations for US rate cuts.

Principal Investor Perspectives also examines how “America First” policies have accelerated the global rebalancing toward economic self-sufficiency, technological competitiveness and regional cooperation. While this transformation could prove disruptive, it also creates opportunities beyond the US, supported by long-term demand for infrastructure, defense and the energy transition.