What Trump 2.0 means for the economy and markets

  • What Trump 2.0 means for the global economy

  • What Trump 2.0 means for markets

  • USD in the Trump era: strong, but not unstoppable

Slider Cross Asset 2025 Février
What Trump 2.0 means for the economy and...

Global Investment Views

Markets: a tug of war between inflation fears and optimism

The Trump 2.0 era is upon us and markets have already become extremely sensitive to inflation data, a trend that will likely last in the coming months. Higher inflation sensitivity has also turned equity/bond correlation back to positive. Markets are currently influenced by two opposing forces: the prospect of Trumponomics reinforces the narrative of US exceptionalism, while the imposition of tariffs introduces uncertainty into global supply chain dynamics and inflation trajectories.

Amundi Global Investment Views
Global Investment Views - February 2025

Scenarios, risks and macroeconomic forecasts

  • Main and alternative scenarios
  • Macroeconomic forecasts
Macroeconomics, Geopolitics, and Strategy - March 2023
Scenarios, risks and macroeconomic forecasts

Authors

RC - Author - Vincent Mortier
Group Chief Investment Officer
RC - Author - DEFEND Monica
Head of Amundi Investment Institute & Chief Strategist